Tullow announces new share placing

Tullow Oil in a trading statement issued today said its total revenue for 2009 is expected to be of the order of £570m (€655m), compared with £692m (€795m) in 2008.

In the statement, issued in advance of its full year results due for release on March 10, the company said the reduction in revenue was due to lower sales volumes and "the significant reduction in realised commodity prices during the year".