Exceptional year for the group:
- The financial performance of the Group overall was good, including operating cash flow before working capital of £474 million, despite lower profit which was principally impacted by lower UK gas prices, an increased depreciation charge, exploration write-offs and interest charges;
- Tullow’s African assets have transformed the Group’s business, driven by exceptional exploration success in Ghana and Uganda and strong production growth, up 21% to 40,300 boepd;
- The UK delivered a strong operational performance, with broadly stable production, two new field developments and a subccessful gas discovery; and
- South Asia reported a 154% increase in average production from gas field developments in Pakistan and Bangladesh. A high impact exploration campaign in India will commence in Q2 2008.
| 2007 | 2006 | Change | |||
|---|---|---|---|---|---|
| Production (boepd, working interest basis) | 73,100 | 64,720 | +13% | ||
| Realised Oil Price per bbl (US$) | 62.7 | 52.2 | +20% | ||
| Realised Gas Price (pence per therm) | 37.3 | 46.2 | -19% | ||
| Sales Revenue (£m) | 639.2 | 578.8 | +10% | ||
| Operating Profit (£m) | 189.0 | 262.6 | -28% | ||
| Profit before Tax (£m) | 114.2 | 263.3 | -57% | ||
| Basic Earnings per Share (pence per share) | 7.10 | 24.23 | - 71% | ||
| Final Dividend per Share (pence per share) | 4.00 | 3.50 | +14% | ||
| Operating Cash Flow before Working Capital (£m) | 473.8 | 446.7 | +6% |
