Tullow expecting rise in H1 revenues

Dublin-based exploration company Tullow has seen its first half revenue boosted by $57m (€45m) thanks to an uplift in oil prices compared to the same period last year.

In a trading statement issued this morning, Tullow said it expected to record revenue of $495m for the first half of this year, up from $438m a year earlier.

The company has outlined plans for €1.2bn capital expenditure for 2010 as it begins to deliver the first oil from a successful drilling project in West Africa.

“It has been a very good first half for Tullow," said CEO Aidan Heavey.

"The recent arrival of the FPSO in Ghana represents the delivery of another major milestone ahead of first oil.

"The Heritage pre-emption in Uganda is now very close to finalisation and we look forward to working with our new partners, CNOOC and Total, to put together a development plan for the Lake Albert Rift basin. In addition, we continue to drill a number of high-impact exploration wells as we look to open new hydrocarbon basins to continue the company’s growth.”