Africa-focused Tullow Oil said it expects a full-year operating cashflow of $600m, steady from last year, if the oil price averages $60 a barrel for the rest of the year.

If oil prices, currently at around $76 a barrel, average $70 for the remainder of the year, operating cashflow would go up by $50m, it added.

Tullow, which refinanced it $2.3 billion debt pile this year to extend maturities, expects to invest $250m, mainly on drilling in Ghana, and financing costs of $290m.

Tullow, which has a market capitalisation of $1 billion, is guiding for output to stay steady at around 60,000 barrels per day.

It has hedged most of its output for the rest of the year at an average price of $67 a barrel and about half of its output at $72 next year with smaller amounts hedged into 2024.