Tullow announces record results

Oil and gas, exploration and production Group, Tullow Oil, announced record results for the year ended 31 December 2005.

Sales revenue increased 98% to £445.2m (€646.1m), reflecting a full year contribution from the Energy Africa assets, nine months contribution from the Schooner and Ketch fields and oil and gas prices significantly higher than in 2004.

Operating profit increased 250% to £198.6m (€288.3m) and profit before tax increased 282% to £178.6 million (€259.2m), including the profit of £36.1m (€52.4m) on the disposal of non-core oil assets in the UK and offshore Congo and the sale of equity in the Horne & Wren development.

Commenting today, Pat Plunkett, Chairman, said: "2005 was a year of many achievements for Tullow which included our first operated UK offshore development, the largest refinancing ever undertaken by a UK oil and gas independent and a record level of development, exploration and new venture activity across the Group’s three core areas. "

Aidan Heavey, Chief Executive, said: "Our production is growing strongly and is expected to reach 75,000 boepd by the end of the year.

"On the exploration front we plan to drill over 20 wells, including further wells in Uganda, where we have scheduled an extensive exploration and appraisal programme to build on the recent M’Puta and Waraga discoveries."