2013 Half-yearly Results Highlights
Financial results in line with market expectations. Production up 14% to 88,600 boepd, first half revenue up 15% to $1.3bn and operating cash flow before working capital movements exceeds $1bn for the first half.
Underlying profit also substantially increased after excluding the impact of the 1H 2012 Ugandan farm-down profit on disposal. Balance sheet remains strong with net debt of $1.7bn and $1.7bn headroom.
13 exploration wells and 14 appraisal wells drilled to date in 2013 with a 63% overall success ratio.
Basin-opening E&A success continues onshore Kenya; following success at Etuko-1, Pmean resources are expected to be well in excess of 300 mmbo, exceeding the threshold for development studies to commence.
Six campaigns including 20 exploration wells planned for 2H 2013 targeting multiple basins in Kenya, Ethiopia, Mozambique, Mauritania and Tullow's first operated well in Norway.
TEN Plan of Development (PoD) approved by the Government of Ghana; major contracts currently being awarded with First Oil expected in mid-2016. The farm-down process has been initiated for a development carry.
Group 2013 full year average production forecast revised to 84-88,000 boepd.
Successful outcome in court action versus Heritage Oil; $343m ordered to be paid to Tullow by 26 August 2013.
