Tullow Oil is confident the Dutch-based International Arbitration Court will overturn a ruling by the Ugandan Tax Appeal Tribunal saying it owes a further $260m in unpaid tax regarding the 2012 farm-out of assets.

Tullow Oil remains on course to reach record oil production levels by the end of this year, management said yesterday.

TULLOW Oil has made a second potentially large-scale oil and gas discovery in Ghana, which could come close to rivalling its nearby Jubilee field, in terms of production levels.