UK: Tullow’s 2011 Revenues Rise 111 pct

Tullow's 2011 Revenues Rise 111 pct

Tullow Oil plc (Tullow), the independent oil and gas exploration and production, quoted on the London and Irish Stock Exchanges, says that 2011 was a very good year for the company.

The Group that has interests in over 90 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America reported record revenues which grew 111% to $2.3 billion (2010: $1.1 billion) and operating cash flow of $1.8 billion with  full year dividend rising 100%.

Industry leading exploration success continued with the opening of a major new basin offshore French Guiana as well as further discoveries in Africa. The Group’s financial performance has also been strong with record results for the year based on a 35% increase in production and significantly higher commodity prices helping to deliver a profit after tax increase of 670% to $689 million.

Since year-end, Tullow has completed the $2.9 billion farm down in Uganda. Tullow now has a strong balance sheet providing financial flexibility and a solid foundation for future growth.

Highlights:

Major basin-opening discovery with the Zaedyus-1 well in French Guiana.

Value-adding acquisitions of $737 million in the Netherlands and Ghana.

Tweneboa-Enyenra-Ntomme (TEN) project appraisal & development planning progressing well; Owo-1 tested at combined rate of ~20,000 bopd.

38 well campaign planned for 2012; Frontier exploration partnership with Shell announced in January.

$2.9 billion farm down to CNOOC and Total in Uganda completed on 21 February 2012.

Commenting today, Aidan Heavey, Chief Executive, said:

“Record results in 2011 and the $2.9 billion farm down to CNOOC and Total in Uganda are further landmarks in Tullow’s evolution. In the coming year, we will continue to execute our industry-leading exploration programme, appraise major discoveries and invest in key development projects in Ghana and Uganda. Tullow now has a very strong balance sheet and increased cash flow, which gives us real financial flexibility and a firm foundation for further growth. With many opportunities for growth, 2012 promises to be another excellent year for Tullow.”

Offshore Energy Today Staff, March 14, 2012

 

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