13th Nov 2013 11:19
LONDON (Alliance News) - Tullow Oil said Wednesday that strong production across the group means it is on track to deliver 84,000 to 88,000 barrels of oil equivalent a day for the full-year, giving it confidence that it will add 200 million barrels of oil to its resources.
In an interim management statement covering the period July 1 to November 13 2013, the firm said it remains on target to exit the year with oil production at record levels.
The company's Jubilee field is on track to deliver average production for the year of around 100,000 barrels of oil a day, said the firm, and its TEN development project is underway with the key contracts awarded to deliver the first oil mid-2016 and further bids expected later this month. The firm said it is also encouraged by progress being made by the Kenyan and Ugandan governments to develop oil infrastructure.
The FTSE 100-listed oil and gas exploration and production company said it has successfully completed a USD650 million seven year senior notes offering with a 6% coupon during the reporting period, with a number of Asian asset sales agreed and expected to complete over the coming months. The firm also said that its Southern North Sea sales process is ongoing and is being amended to facilitate a multiple asset disposal.
Looking ahead, the firm is confident for the remainder of the year, following significant successes in Kenya and Norway from a number of high-risk, high-impact exploration campaigns and ahead of numerous material well results due in the coming months.
The company said in the statement: "Our high impact, basin opening exploration campaigns will continue in 2014, and with wells in Kenya, Mauritania, Norway, Ethiopia and Guinea planned for the first half, there is much to look forward to."
Shares in Tullow are 882.50 pence per share, down 1.9% Wednesday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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