Tullow Oil plc November Trading Update

Posted by OilVoice Press - OilVoice


Tullow Oil plc (Tullow) issues the following Trading Update for the period 26 July to 15 November 2018.

Tullow will be hosting a Capital Markets Day on 29 November 2018. Please see full details below. The Group will also publish a Trading Statement and Operational Update on 16 January 2019 and Full Year Results for 2018 will be announced on 13 February 2019.

"This has been another period of very solid delivery from Tullow against the backdrop of continued volatility in the oil price. We are generating high levels of free cash flow from our West African assets, making good progress towards project sanctions in East Africa and are finalising our 2019 exploration programme which we expect to include high-impact wells in Guyana. Having taken the time to lay strong foundations for our business, embed a financially disciplined culture across the Group and repair our balance sheet, we are now focused on delivering growth and returns to our shareholders.”

Trading Update summary
 • All fields producing in line with expectations, full year oil production guidance narrowed to 87-91,000 bopd

• Full year free cash flow forecast to be c.$700 million, including Uganda farm-down proceeds of $200m, with net debt and gearing reducing from $3.5 billion and 2.6x to c.$2.8 billion and c.1.8x respectively by year-end

• Four new infill wells in Ghana expected to be on line by early 2019, increasing gross production to around 180,000 bopd

• Uganda farm-down expected to close around year-end 2018; development work on track with FID targeted for first half 2019

• Kenya Foundation Stage development to include the Ngamia, Amosing and Twiga fields; targeting FID in late 2019

• Cormorant-1 wildcat well drilled in Namibia for net cost below $5 million; no significant reservoir quality rocks encountered

• Multiple attractive prospects identified in Guyana acreage with drilling programme expected to commence in mid-2019

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