Exploration firm Tullow Oil has said its total revenue for the first half of 2012 is expected to be about $1.15 billion, compared with $1.06 billion the same time last year.
In a trading statement today, the company also said that its net debt by the end of June was about $0.7 billion.
It said that it expects to write-off about $440m in the second half of 2012 due to asset value reductions.
uring the six month period, Tullow completed its farm-down agreement in Uganda where significant operational activity has restarted. It said that work at its Jubilee field in Ghana is progressing well and the exit rate this year expected to exceed 90,000 barrels of oil a day.
The company has a programme of work for about 40 wells over the coming months which includes drilling in Guyana, French Guiana, Ethiopia, Kenya, Ghana, Cote D'Ivoire, Liberia and Mauritania.
''Tullow's exploration success has continued into the first half of 2012 with a major discovery in Kenya, the fourth new basin the group has opened in five years,'' commented Tullow's chief executive Aidan Heavey.
''We have also completed the $2.9 billion farm-down in Uganda, and made good progress on our development projects in Ghana and Uganda. The on-going remediation of the Jubilee field is progressing well and significant exploration wells are planned for the East African Rift basin, the West African Transform Margin and the twin basins in South America in the second half of 2012,'' he added.
