Tullow Oil plc Unaudited Interim Results to 30 June 2002
3rd September 2002
Tullow Oil plc is an independent oil and gas exploration, development and production company with interests in the UK North Sea, Onshore UK, Côte d’Ivoire, Pakistan, Bangladesh, India, Romania and Algeria.
Highlights
Record Results- Turnover doubles to £55 million (H1 2001: £27.1m)
- Operating profit before exploration activities increased by 50% to £16.8m (H1 2001: £11.2m)
- Strong operating cashflow of £36.9m (H1 2001: £16.7m
- Gas production from Southern North Sea averaged 98 mmscfd
- 54% of sales from contracted gas, average prices 25.4 p/therm
- Forward sales programme for uncontracted gas, average price 22 p/therm compared with average daily spot price of 15.3p/therm
- Successful forward gas sales continuing with 65% of H2 uncontracted production already sold or hedged forward
- First gas from CMS III development likely to be delivered ahead of schedule
- Successful Hawksley development well tested at 150 mmscfd, second well currently being drilled
- Award of seven blocks in 20th offshore licensing roun
- First oil from Côte d’Ivoire, Espoir Field in February, gas sales commenced in August
- Espoir Field on target to reach 30,000 boepd (gross) by year end
- Espoir Reserves upgrade potential following completion of 4th producer well
- Pakistan production on budget, plans in place to double production
- First well planned on Bangladesh Block 9 for early 2003
- Farm out agreement concluded in India, drilling commences Q4 2002
Commenting on the results, Tullow Chairman, Pat Plunkett, said:
"This has been a period of good progress for Tullow. Cash flow continues to be strong from both our UK and Pakistan assets while our developments in the UK and Côte d’Ivoire are both ahead of schedule. With an active drilling programme ahead, I look forward to a positive outcome for the full year"
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NOTES TO EDITORS
Tullow Oil plc is a UK registered company, quoted on the London and Irish stock exchanges, and is one of the largest Independent Exploration and Production companies in Europe. Tullow Oil is a dynamic player in the international oil and gas industry. Its primary offices are in London (UK & Corporate) and Dublin (International Business).
Tullow Oil has interests in 54 exploration and production licences spread over three main areas – South Asia, Africa, and Europe - and has regional offices in each area.
For further information contact:
Tullow Oil plc
Tel: +44-020 7333 6800
Tom Hickey, Finance Director
Brian O’Cathain, Managing Director, Tullow Oil International Limited
www.tullowoil.com
Binns & Co PR Ltd
Emma McCaffrey
Tel: +44-020 7786 9600
Judith Parry
Tel: +44-0113 242 1171
www.binnspr.co.uk
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