Tullow profits rise to €33.1m

TULLOW OIL made pre-tax profits of €33.1m (£22.6m) in the first half of this year, up more than 50% on the same period last year.

Turnover rose 16% to €112.2m (£76.5). The company’s North Sea gas interests accounted for nearly 70% of total sales. The rest came from the Espoir field in Cote d’Ivoire, west of Nigeria and one month’s contribution from its $570m acquisition Energy Africa.

Profits before exploration activities increased by 32% to €45.3m (£30.9m) and an interim dividend of 0.73c (0.5p) has been declared.