Tullow Oil sees record levels of trading

Oil and gas exploration group Tullow Oil has said it saw record levels of trading in the first half of this year, due to high oil and gas prices and a strong production performance.

In the first half of 2005, production more than doubled over that of the same period in 2004 and was 41% ahead of the average for 2004.

About 30 successful development and appraisal wells were drilled in the first half, Tullow said today, adding that production levels continue to increase.

In the group's UK operation, gas production is at an all-time high following the commencement of production from the Horne & Wren project on June 9.

Tullow boss Aidan Heavey said: "The first half of 2005 continues to show the benefits of the acquisition and development work undertaken over the last 12 months. Recent investments, such as Schooner and Ketch, are already contributing to performance. Exploration activity is increasing and the outlook for the remainder of the year is very encouraging."

The group’s interim results are scheduled for release on September 14.