Positive management statement from Tullow

Tullow Oil plc has today issued an upbeat interim management statement, for the period July 1 to November 8, 2011.

"Tullow has continued its strong performance in the second half of 2011," said the statement.

"The Group is delivering record cashflows, underpinned by production from the Jubilee field. The Exploration and Appraisal programme continues to deliver excellent results with a 71% success ratio year-to-date, including the basin opening Zaedyus well in French Guiana.

"In addition, Tullow has signed new contracts in Mauritania with Tullow as Operator and a new Petroleum Agreement for the Kudu field in Namibia. In Uganda, despite further delays, final approval from the Government is expected shortly to enable the farm-down to CNOOC and Total to complete.

"Group production for 2011 is now expected to average 79-81,000 boepd due to slower than expected ramp up from the Jubilee field."

"Significant cash flow from Jubilee production will contribute to record full year financial results for 2011.

"Our exploration strategy has opened up a new basin in South America and we have a number of high-impact basin-opening wells across our portfolio to drill before year-end. While there have been further delays in Uganda, we remain ready to proceed towards field development following government approval.

"With development plans across the Group gathering pace and production continuing to grow, the outlook for the full year and for 2012 remains very positive."

The firm also announced today that Simon Thompson has been appointed as a non-executive chairman.

The Group will announce its full year Trading Statement and Operational Update on 18 January 2012.