Tullow Oil Plc (TLW.L) provided trading statement and operational update in respect of the first half of 2012 financial year ended June 30, 2012.
The company stated that Group working interest production for the first half of 2012 averaged 77,400 boepd. The realised commodity prices during the first half of 2012 were in line with 2011 levels. The realised oil price was around $114.2/bbl (pre hedge) and $110.6/bbl (post hedge) and the realised UK gas price was approximately 58.4p/therm (pre and post hedge).
For the first half of 2012, total revenue is expected to be of the order of $1.15 billion, compared to $1.06 billion for the same period in 2011.
According to Tullow Oil, write-offs associated with unsuccessful exploration activities during the first half of 2012 in Sierra Leone, Côte d'Ivoire and Tanzania, new ventures activity and licence relinquishments totalled about $80 million.
Further, the company noted that the Jubilee field has continued to deliver industry-leading operational and safety performance with 98% uptime and zero lost time incidents to date in 2012. In the first half of the year, field production has averaged 63,100 bopd gross and is currently producing at approximately 63,000 bopd gross with a number of wells temporarily offline for ongoing acid stimulation activity.
The Group's assets in Equatorial Guinea have performed strongly in the first half of 2012 with total gross production of over 78,000 bopd gross from the Ceiba and Okume fields. First oil from the Akom North tie-back began in January 2012 increasing the gross production from the Okume Complex by over 6,000 bopd, Tullow Oil said.
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by RTT Staff Writer
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