Oil exploration company Tullow has said that its operational and financial performance in the second half of 2012 to date has continued to be strong.
In an interim management statement, Tullow said it remains on track to deliver average net production of 80,000 to 84,000 boepd for 2012.
The company also said that its expected capital expenditure for the year remains about $2 billion.
In October, Tullow finalised arrangements for the refinancing of its $3.5 billion lending credit facilities.
Tullow said that its Jubilee field production capacity in Ghana has been enhanced and is expected to exceed 90,000 bopd by the end of the year. The Plan of Development for the TEN project has now been submitted to the government of Ghana, it added.
In Kenya, the second exploration well in the Lockichar Basin has successfully encountered oil, which Tullow said further de-risked the basin.
''Additional exploration drilling and testing results across our significant Kenyan and Ethiopian acreage position are expected before the end of the year,'' the company said.
Tullow said it continues to enhance its exploration portfolio and widen its global footprint by adding new offshore licences in Mozambique, Uruguay and Greenland.
''Tullow’s exploration-led growth strategy continues to deliver outstanding results for the group,'' the company said in its statement today.
''Exploration success in Kenya is opening up another new basin in East Africa with major upside potential. Growing production and cashflow from the Jubilee field continues to strengthen Tullow’s financial base as we look forward to further significant exploration and development programmes in 2013,'' the statement concluded.
