Exploration company Tullow Oil has said it expects to report higher revenue for the first half of this year compared with a year earlier, due to an increase in commodity prices.
In a trading update, Tullow said it expected to record revenue of $495m for the first half of this year, up from $438m a year earlier. The average price for Tullow's oil was around $78 a barrel in the six-month period.
The company produced the equivalent of 55,800 barrels of oil per day (boepd) on average and expected a figure of 56,000 to 57,000 for the full year.
Tullow said the first phase of its Jubilee field off the coast of Ghana was on track to produce its first oil during November or December this year.
It also said Ugandan government backing for the sale by Heritage Oil & Gas of its 50% stake in key exploration blocks in the country to Tullow was expected 'imminently'.
The company also announced that it would present its results in US dollars, rather than sterling, from now on.
Meanwhile, Providence Resources says a site survey has started on the Dunquin prospect off the west coast of Ireland to assess the site for the drilling of a well.
