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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