Tullow Oil PLC (TLW.LN), an independent oil & gas, exploration and production group, said Wednesday continued strong production from the Jubilee field continues to underpin its financial performance which funds high-impact exploration program and supports unchanged production guidance of 86,000-92,000 barrels of oil per day, or boepd, for the full year.
Tullow Oil PLC (TLW.LN), an independent oil & gas, exploration and
production group, said Wednesday continued strong production from the Jubilee
field continues to underpin its financial performance which funds high-impact
exploration program and supports unchanged production guidance of 86,000-92,000
barrels of oil per day, or boepd, for the full year.
MAIN FACTS:
-Tweneboa-Enyenra-Ntomme, or TEN, Project Plan of Development, or PoD,
submitted to the Government of Ghana in November 2012, is awaiting approval and
negotiations are ongoing.
-In
Uganda
, the
Government and the Partners are now making good progress towards agreeing a
Memorandum of Understanding that will define an upstream development based on
an export pipeline and a refinery sized to meet local market demand.
-In
Kenya
, the
Twiga South-1 well test has confirmed good productivity in the
South
Lokichar
Basin
and
in
Ethiopia
there
are encouraging signs from the Sabisa-1 well.
-A program of over 30 wells is planned for the rest of the year with a number
of high impact frontier exploration wells currently being drilled in
Mozambique
,
Cote
d'Ivoire
,
Norway
,
Ethiopia
and
Kenya
.
-Jubilee field production has averaged 104,000 bopd in the year to date, in
line with expectations.
-Jubilee Phase 1A project is progressing with two wells completed and producing
above expectations with total field well capacity now in excess of the
processing capacity.
-Remaining three Phase 1A producers and three water injectors will be completed
in the fourth quarter of 2013, albeit later than scheduled due to the poor
performance and extended downtime of the Sedco Energy rig.
-Production from the West & North Africa region was in line with
expectations for the year to date.
-Tullow is well placed for the rest of the year and into 2014.
-Year to date financials are in line with expectations.
-Capital expenditure for 2013 is expected to be in the region of $2.0 billion
excluding the Spring acquisition cost of $372 million paid in January.
-As of April 30, net debt is $1.6 billion and unutilized debt capacity is $2.0
billion.
-Shares closed Tuesday at 1009 pence valuing the company at 9.16 billion
pounds.
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