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We are one of the largest independent oil and gas exploration and production companies in Europe with a focused portfolio of world-class assets. We are Africa's leading independent oil company with recent basin opening discoveries in Ghana, Uganda and most recently Kenya. Our success in West Africa led us across the Atlantic in 2011 to a related geological play in South America and the discovery of the Zaedyus well in French Guiana which has unlocked significant exploration potential across the region.
Tullow Oil is Africa's leading independent oil company and our exploration-led growth strategy is focused on light oil in Africa and the Atlantic Margins. We are a highly successful explorer opening four new oil basins in Africa and South America in the last seven years. Our most recent success followed the East African Rift Basins from our major discovery in the Lake Albert Rift Basin in Uganda, to the South Lokichar Basin in Kenya where a significant discovery was made in 2012.
Tullow was founded in 1985 and signed its first licence in Senegal in 1986. We became active in South Asia in 1990 and in the UK gas market in 2000. We doubled in size in 2004 with the acquisition of Energy Africa, completed the Hardman Resources acquisition in 2006 and completed our largest acquisition to date in 2010 of Heritage Oil's Ugandan licences. In 2007 we made our largest discovery to date – the Jubilee field offshore Ghana. Since then in Ghana further major discoveries have been made including Enyenra, Tweneboa and Teak. In Uganda, Tullow has discovered over 1bn barrels of oil to date in the Lake Albert Basin and in 2011 signed SPAs with CNOOC and Total, each now with one third interest across the three licences, and will embark upon a major development project in the coming years. In 2012 the Group made its first onshore discovery in Kenya at Ngamia-1.
Tullow's total work force is over 1,700 people worldwide and is recognised as a leader in the oil and gas industry. We believe that people should be allowed to play to their strengths, given the freedom to operate and the skills to perform, whilst embracing our entrepreneurial approach.
We take a long-term view when investing in the countries where we operate and we manage our reputation and our responsibilities accordingly. Developing major oil projects in two countries in Africa gives us a significant role as a potential catalyst for new opportunities in support of economic and social development.
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 also has a considerable pipeline of development activity. This includes reviewing potential development options for the over 300 million barrels of oil discovered onshore Kenya, the farm down of our interest in the TEN project in Ghana and reaching the final stages of agreeing the key components of the Lake Albert Basin development in Uganda. Our business has a very firm financial foundation with strong production and revenue growth and significant annual operating cash flow.
2013 Half-yearly results
Sales revenue ($m) $1,347 (1H 2012 $1,167)
Gross profit ($m) $764 (1H 2012 $679)
Profit after tax ($m) $313 (1H 2012 $567)
Basic earnings per share (US$ cent) 32.2cents (1H 2012 60.3cents)
Interim dividend per share (pence) 4 pence (1H 2012 4 pence)
Tullow is quoted on the London, Irish and Ghana Stock Exchanges and is a constituent of the FTSE 100 index whose constituents are the 100 largest UK-listed companies by market capitalisation. (Symbol: TLW). There were 908,339,699 shares as at 31 July 2013.