Tullow Oil Backs 2018 Oil, Gas Production Aim as Net Debt Falls
25 April 2018 - 5:48PM
Dow Jones News
By Oliver Griffin
Tullow Oil PLC (TLW.LN) on Wednesday reaffirmed its full-year
guidance for oil and gas production as it reported a slight drop in
net debt.
The company said that production at the Tweneboa, Enyenra and
Ntomme oil fields in offshore Ghana was strong, with average
first-quarter net oil production of 87,700 barrels a day.
Tullow Oil said its full-year guidance remained in a range of
82,000 barrels to 90,000 barrels a day, while its working interest
gas production is expected to average between 3,500 barrels and
4,500 barrels of oil equivalent a day.
Net debt at March 31 was $3.4 billion, down from $3.5 billion at
the end of 2017, Tullow Oil said.
The company said it continues to progress toward a final
investment decision in Kenya in 2019, as its exploration team keeps
developing its prospect inventory and drill queue for a three-year
drilling program that will start in the third quarter.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
April 25, 2018 03:33 ET (07:33 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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