Tullow reports good H2 progress

Tullow Oil in an interim management statement released today said it had made excellent operational progress in the second half of 2010 while financial performance is in line with expectations.

Tullow Oil in an interim management statement released today said it had made excellent operational progress in the second half of 2010 while financial performance is in line with expectations.

It said excellent progress had been made during the period on the development of its Jubilee field off Ghana, with first oil from phase 1 of the project expected in early December, which "will transform Group production next year".

Initial production capacity of around 50,000 bopd is expected to be delivered before year-end and production is expected to ramp up to 120,000 bopd over the next three to six months, the company said.

Meanwhile wells drilled in the Owo field also offshore Ghana have confirmed it as "a major new light oil field"

"A three well programme is planned to commence this month to appraise both the Owo oil discovery and the adjacent Tweneboa oil and gas condensate accumulations," Tullow said.

"Development studies for the Owo and Tweneboa fields have also begun with a view to development commencing in 2012."

In addition, the Group said it continues to make progress in negotiations with the Government of Uganda to enable the planned farm-down to CNOOC and Total to proceed.

Full-year results are expected January 20 next.

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