Exploration and production company Tullow Oil has reported a surge in pre-tax profits for the first six month of this year, helped by higher oil and gas prices and increased production from its Jubilee field in Ghana.
Pre-tax profits were $540m, an increase of more than 300% from $131m a year earlier. Total revenue more than doubled to just over $1 billion.
Progress was made in Uganda and last month the group listed shares on the Ghana Stock Exchange.
Tullow produced 75,100 barrels of oil equivalent per day during the six months, up 35% from a year earlier, while the average price at which it sold oil was up 45% to $112 a barrel. Its gas prices were 65% ahead of a year earlier.
The company hopes production levels will hit 100,000 boepd by the end of the year. The interim dividend has been doubled to 4 pence sterling.
Tullow says progress has been made in talks with the Ugandan government on a number of issues surrounding its interests in the country. It expects to reach agreement in September, which will allow it to complete a deal on assets reached with CNOOC and Total.
Shares in the company closed 8.4% higher in London this evening.
