Exploration company Tullow Oil has returned to profit, recording a pre-tax profit of $24m - compared with a loss of $10m for the same period a year earlier.
In the first six months of the year, the company had sales revenue of $541m, a drop from the $820 for H1 in 2015.
Tullow also said the first oil from its TEN development project is expected early next month, with the first cargo being sold and the project is still within budget.
TEN is set to increase Tullow's group net production by around 60% when it reaches facility capacity around the end of this year, which the company said would enable it to deleverage organically.
The company said lower revenues as a result of lower commodity prices and reduced Jubilee production were partially offset by significantly lower costs and write-offs during the period.
However, Tullow said the Jubilee field's new operating procedures are working well and second half production is expected to average 85,000 bopd.
Tullow’s net debt at the end of June stood at $4.7 billion, with facility headroom and free cash of $1 billion.
An additional headroom of $300m was added through a successful bond issue on 6 July.
Meanwhile, other projects in East Africa, Kenya, and Uganda are progressing, with production increases expected in the second half of next year.
Commenting on the figures, Tullow Chief Executive Aidan Heavey said: "The start of production from the TEN field in early August will be transformational for the Group allowing us to significantly increase our net production and begin the process of deleveraging our balance sheet.
“This project has remained on schedule and on budget since the day the Plan of Development was signed and demonstrates our ability to deliver complex projects of this nature.
“The benefits of last year's cost-cutting programme are evident in the financial results, the significant TEN capital expenditure is largely behind us and we have also made good progress on the Jubilee Turret Project.
“Tullow is therefore well placed to move forward with a restructured and more efficient business that can deliver growth from its portfolio of high quality, low cost producing, development and exploration assets."
