Tullow Oil lowers production forecast after problems with Ghana well

Tullow Oil said it was revising down its 2019 full year production forecast to 89-93,000 bopd due to mechanical issues at its Enyenra-14 production well in Ghana as it announced an interim dividend of 2.35 cents a share, its first since 2015.

The company reported interim pre-tax profits of $268m, up from $150m a year earlier. In June it had forecast full year production of 90,000 to 98,000 bopd.

Sales revenue fell to $872m from $905m as market oil prices led to a loss on the realisation of hedges, although Tullow said hedging remained a "key element" of the its risk management strategy.