Tullow 'performing strongly'

Tullow Oil in an interim management statement issued ahead of its AGM later today said it had "continued to perform very strongly in 2010".

The company said its Jubilee Phase 1 development project in Ghana remains on track to produce oil in Q4, and "significant progress" has been made towards securing Ugandan government approval for the transferral of assets in the country from Heritage Oil.

The company said it had also strengthened its balance sheet by completing a £925m (€1.01bn) equity placing, and described the outlook for the rest of 2010 as "very positive"

The group's AGM will be held in London later today and its H1 results are expected on July 6.