Tullow Oil expects first-half revenue to hit €395m

FIRST-half revenue at Irish oil and gas exploration company, Tullow Oil, is expected to amount to around $495 million (€395m), when the company formally reports its interim figures next month.

The Dublin and London -based company, whose chief assets are based in Ghana and Uganda, generated revenues of $438m in the first six months of 2009.

The anticipated year-on-year growth is being attributed, by the company, to an increase in commodity prices in the past 12 months.

Tullow has also made a switch in the currency in which it reports its financial figures, from sterling to the dollar; given that the majority of its activities are based in Africa, where oil revenues and costs are dollar denominated.

In a first-half trading update issued yesterday, Tullow said that its average production levels for this year should amount to 56,000 to 57,000 barrels of oil equivalent per day.

The company will issue its first-half results on August 25.

Chief executive Aidan Heavey said that the company has had a very good first half as it gears up for first oil production from its Ghana operations.

Meanwhile, Mr Heavey added that formal approval from the Ugandan government for Tullow’s takeover (from Canadian company Heritage Oil & Gas) of the 50% stake in the two blocks in that country’s Kasamene field which the company didn’t previously own is imminent.

Tullow’s share price was unmoved at €12.65, in Dublin yesterday.


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