Tullow Oil plc (Tullow) issues the following Trading Update for the period 24 July to 13 November 2019.
The Group will publish a Trading Statement and Operational Update on 15 January 2020 and Full Year Results for 2019 will be announced on 12 February 2020.
PAUL MCDADE, CHIEF EXECUTIVE OFFICER, TULLOW OIL PLC, COMMENTED TODAY:
“Tullow expects to deliver robust free cash flow for the full year. This has been supported by our continued disciplined capital investment and underlines our commitment to further reduce our debt and pay returns to shareholders. Since the Group's last update, Tullow announced two oil discoveries in Guyana at Jethro and Joe, and recent analysis has shown that at these locations we have encountered heavy oil. We remain confident in the broader light oil potential of the Orinduik and Kanuku blocks located in this prolific oil basin. The first ever cargo of East African oil from Mombasa in August was an important milestone for Project Oil Kenya and we continue to make good progress with FID targeted in the second half of 2020. In West Africa, our non-operated assets continue to perform well. However, Ghana production has not met our expectations this year and we are working closely with our Joint Venture Partners to ensure that both fields perform to their potential.”
Trading Update summary