Tullow Oil plc 2006 Interim Results
06/09/2006
Record 2006 Interim Results
6 September 2006 – Tullow Oil plc (Tullow), the independent oil and gas, exploration and production Group, announces its interim results for the six months ended 30 June 2006 . These results have been prepared in accordance with the Group's policies under International Financial Reporting Standards (IFRS).
2006 Interim Results
Tullow had a strong first half of 2006. Trading and production reached new highs and combined with continuing favourable oil and gas pricing led to record profits and cash flow from operations.
| 1H2006 | 1H2005 | % Change | |
| £ millions | £ millions | ||
| Sales Revenue | 310.7 | 201.4 | Up 54% |
| Operating Profit | 161.0 | 104.4 | Up 54% |
| Profit After Tax | 95.4 | 63.1 | Up 51% |
| Operating Cash Flow before Working Capital | 236.4 | 116.4 | Up 103% |
| Stg p | Stg p | ||
| Basic Earnings per Share | 14.72 | 9.82 | Up 50% |
| Interim Dividend per Share | 2.00 | 1.00 | Up 100% |
- 10% increase in average half year working interest production to 62,800 boepd
- Current production is c.70,000 boepd and is expected to reach 75,000 boepd by year end
- Prospective acreage acquired in Ghana, Angola, Congo (DRC) and Madagascar
- Exploration success: three oil discoveries in Uganda, three UK gas discoveries
- Uganda: Encouraging well results leading to basinwide exploration campaign
- First oil delivered from West Espoir, Okume project on track
Commenting today, Aidan Heavey , Chief Executive, said:
“Today's record results demonstrate the quality of Tullow's portfolio and continued growth of its business. While competition for resources, talent and quality acreage is intense, our strategy, based on key skills and well understood regions, has proven effective. In the short term, we remain on track to achieve our production target of 75,000 boepd by the end of the year, while recent exploration results in Uganda and the programmes planned in India and Namibia provide outstanding opportunities for growth. The outlook for Tullow remains very positive.”
Presentation, Webcast and Conference Calls
In conjunction with these results Tullow will conduct a presentation in London and a number of events for the financial community. Details are available on page 17 of this announcement and in the 2006 Interim Results Centre on the Group's website at www.tullowoil.com.
Download Tullow Oil plc 2006 Interim Results (PDF, 454KB, opens in a new window)
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