ANGUS MCPHAIL | INVESTEC
First results are in line with consensus. Revenues, capex, debt and production are all in line. Exploration and appraisal are on track with a 79 per cent success rate pointing to a prolifically successful explorer.
HOOTAN YAZHARI | BANK OF AMERICA MERRILL LYNCH
On the financial front Tullow remains solid. The Uganda farm down proceeds ($2.9bn gross) and the Ghana cashflows should allow Tullow to be cash positive by the end of 2011. The lacklustre share performance year to date does not reflect the strength of the business, in our view.
CHARLIE SHARP | MATRIX GROUP
H1 2011 production is slightly below expectations due to slower than expected ramp up at the Jubilee field in Ghana. Working interest production for H1 2011 averaged 75,350 bopd. There is still no final agreement in Uganda, however, Tullow is confident that the deals will be completed soon.