Tullow oil reports profits fall

The independent oil and gas exploration and production group, Tullow Oil announced profit before tax £114.2m (€149m) for the year ended 2007, a decrease of 57% on 2006.

Revenues rose by 10% to £639.2m (€834.6m) in a year in which the company said it had recorded its largest ever discovery, the Jubilee field offshore Ghana.

A statement from the company described 2007 as an “exceptional year” for Tullow. The Group recorded its largest ever discovery, the Jubilee field offshore Ghana, continued its successful exploration in Uganda and generated record production, sales revenue, operating cash flow and growth in reserves and resources.

Tullow’s African assets have transformed the group’s business, driven by exploration

success in Ghana and Uganda and strong production growth, up 21%.

The UK delivered a strong operational performance, with broadly stable production, two new field

developments and a successful gas discovery.