Tullow Announce November Trading Update
Tullow Oil plc (Tullow) issues the following Trading Update for the period 27 July to 9 November 2015. The Group will publish a Trading Statement and Operational Update on 11 January 2017. Full Year Results for 2016 will be announced on 8 February 2017.
• TEN first oil achieved on time and on budget on 18 August with first lifting on 6 October; production around 50,000 bopd.
• TEN production ramp-up to end-October impacted by issues with the water injection systems; 2016 annualised gross production for TEN now expected to be around 15,000 bopd.
• Jubilee field production has averaged around 100,000 bopd since August; Turret Remediation Project on schedule; affirmation of cover for both the Hull and Machinery and Business Interruption insurance received in September.
• Full year 2016 West Africa net oil production guidance revised to 64-67,000 bopd; this forecast now includes reduced production from TEN offset by production-equivalent revenues at Jubilee covered by Business Interruption insurance.
• Early Oil Pilot Scheme in Kenya targeted to be on-stream mid-2017; full field development planning continues; Joint Development Agreement to progress pipeline development and commence studies negotiated and awaiting signature.
• Four well exploration campaign to commence in South Lokichar basin in Kenya in December 2016, targeting prospects in the north of the basin and extending existing discoveries.
• Uganda production licences awarded; good progress being made on upstream development and the Hoima to Tanga export pipeline with the award of both FEED contracts expected in early 2017.
• Preparations ongoing for drilling the potentially high impact Araku prospect offshore Suriname in 2017.
• Norway divestment progressing well, with 12 licences sold, including the Wisting discovery. Disposal of remaining assets expected to conclude in first half of 2017.
• RBL re-determination completed successfully, securing available credit of $3.3 billion and new commitments of $345 million effective 1 April 2017.
Source / More on: Tullow Oil plc
Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook