Hurrah: Tullow Oil's share price jumps as it strikes oil from Tweneboa, Enyenra, Ntomme (TEN) fields offshore Ghana

 
James Nickerson
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The company had expected to begin production in mid-2016

TEN cheers for Tullow.

The African-focused oil firm has announced that the first oil has flowed from the TEN fields - otherwise, and more formally known as the Tweneboa, Enyenra, Ntomme fields - offshore Ghana.

The company's share price jumped more than 3.5 per cent as markets opened on the news.

Read more: Tullow Oil shares rise as it unexpectedly swings to profit

The company said the first oil has been reached on time and on budget three years after the plan of development was approved by the government of Ghana in May 2013.

Aidan Heavey, chief executive of Tullow Oil, said: "I am delighted that the TEN fields have reached first oil. This is an important moment for Tullow as production begins from our second operated development in Ghana.

"I thank the government of Ghana, the Petroleum Commission and our partners – GNPC, Anadarko, Kosmos and PetroSA - for their support and co-operation since we made the first discovery in 2009.

"I also congratulate the project team, our contractors and sub-contractors for delivering this project on time and on budget and with great skill and professionalism and commend them for their commitment to the participation of Ghanaian staff and companies in the project."

Read more: Tullow Oil shares slide as it confirms damage to Ghana field

The company thinks it will produce an average of 23,000 barrels per day for the rest of 2016, but will ramp-up gradually to 80,000 through the remainder of the year.

The flows represents a turning point after years of piling money into a project that will now turn into cashflow.

Tullow is the operator of the TEN fields and holds a 47.175 per cent stake. Tullow’s joint venture partners are Anadarko Petroleum Corporation (17 per cent), Kosmos Energy (17 per cent), Ghana National Petroleum Corporation (15 per cent) and PetroSA (3.875 per cent).

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