Tullow performed well in 2013. The business generated almost $2 billion of operating cash flow and has established a flexible and strong balance sheet. The Group delivered another year of production growth, exploration and appraisal success and made significant progress with its key developments in Ghana, Kenya and Uganda which will deliver major increases in cash flow over the next 3-5 years.
Tullow Oil plc (Tullow) issues this statement to summarise recent operational activities and to provide trading guidance in respect of the financial year to 31 December 2013. This is in advance of the Group’s Full Year Results, which are scheduled for release on Wednesday 12 February 2014. The information contained herein has not been audited and may be subject to further review. In addition, Tullow has today separately announced a Kenya Operational Update.
Our Uganda country report includes information on our operational activities and our economic contribution to Uganda, since our entry in 2004. In this report we explain how we have contributed in economic and social development through our corporate responsibility strategy. We call this commitment to all our host countries ‘creating shared prosperity’.
Tullow is making good progress across its main areas of operations. Our high-risk, high-impact exploration campaigns have delivered significant successes in Kenya and Norway and we have a number of material well results due in the coming months.
Tullow continued to perform well in the first half of 2013. Our exploration-led growth strategy delivered major successes in Kenya and Ethiopia, further enhancing East Africa as a new oil region. We have six exciting exploration campaigns under way in the second half in 10 countries with 20 wells targeting multiple basins.
Tullow Oil plc (Tullow) issues an Operational Update summarising key activities since the Interim Management Statement on 8 May 2013 and a Trading Statement in respect of its half yearly financials to 30 June 2013. This is in advance of the Group’s Half-Yearly Results, which are scheduled for release on Wednesday 31 July 2013. The information contained herein has not been audited and may be subject to further review.
In 2012, we made good progress in our creating shared prosperity initiatives. This year’s report includes transparent disclosure of payments to governments and other stakeholders in the countries in which we operate. This helps hold governments and Tullow to account.
The Dublin meeting of shareholders took place at the Royal College of Physicians of Ireland, No 6 Kildare Street, Dublin 2 on Thursday 16 May 2013 at 12 noon, comprising a short business presentation by the Directors.
With a strong balance sheet, robust production, planned portfolio activity to manage development capital and a set of industry-leading exploration basins and prospects, Tullow is well placed for the rest of the year and into 2014.