Tullow Oil plc (TLW.L) said in its trading statement that group working interest production for 2009 averaged 58,300 boepd, in line with previous guidance.
Total revenue for 2009 is expected to be of the order of £570 million, compared with £692 million in 2008. The company noted that the reduction in revenue is due to the lower sales volumes and the significant reduction in realised commodity prices during the year.
Separately, Tullow Oil announced its intention to place up to 80.43 million new ordinary shares in the Company, representing approximately 9.99% of Tullow Oil's existing issued ordinary share capital, with both new and existing institutional investors.
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