Tullow Oil reaps bonanza from surging prices

RISING oil and gas prices and the full impact of Energy Africa on earnings has resulted in a sharp increase in turnover and profits at Tullow Oil.

Sales were up dramatically from £76m (€112.9m) to £201m (€298m) while profits before tax shot up to £91.4m (€135m) from the more modest £17.3m (€25.7m) in the first half of last year.

The acquisition of Energy Africa, completed last year has had a huge impact on the overall status of the group. It has more than doubled the size of the group, and the company says new management and organisation structures are working well.