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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.
Tullow Oil is a leading independent oil and gas, exploration and production group. Our focus is on finding oil in Africa and the Atlantic Margins, combined with selective development and high-margin production to fund our exploration-led strategy.
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’s 2014 financial results delivered solid revenue of $2.2 billion reflecting strong commodity prices in the first half of the year and the benefit of effective hedging in the second half. The Group however reported a loss after tax of $1.64 billion following significant non-cash impairments and write-downs exacerbated by lower oil prices. The TEN project, Tullow’s second major operated deepwater development in Ghana, remains on track for first oil in mid-2016.
2014 Full year results
Sales revenue: $2,213m (FY 2013: $2,647m)
Gross profit: $1,096m (FY 2013: $1,493m)
Profit after tax: ($-1,640m) (FY 2013: $216m)
Basic earnings per share: (-170.9) US$ cents (FY 2013: 18.6 US$ cents)
Dividend per share: 4 pence (FY 2013: 12 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 909,973,957 shares as at 11 February 2014.