Tullow’s strategy takes a long-term view with continual investment to grow the value of the business; this strategy which delivered once again in 2007.
Remarkable exploration success
The highlight of 2007 performance was undoubtedly the remarkable success of the Group’s exploration and appraisal programmes in Ghana and Uganda. In Ghana, the discovery of the Jubilee field, with the Mahogany-1 and Hyedua-1 wells, provides a high degree of confidence that Tullow may have uncovered not just a world class discovery but also a major new oil province in which we are the dominant acreage holder.
Strong portfolio performance
Our producing assets performed strongly during 2007, lifting group output to over 73,000 boepd and allowing Tullow to capitalise on oil prices that approached record levels at times during the year. Production was very encouraging in Africa, particularly from the Okume development in Equatorial Guinea, while in the UK a reduction of investment in response to gas market conditions meant that production remained stable. As we grow, we continue to focus on ensuring that our resources, both human and financial, are being applied in an optimum manner to the best opportunities available to the Group.
