Tullow Oil on track for full year

FTSE 100-listed Tullow Oil yesterday said that it had maintained its financial outlook for the year, with capital spending set to be around $2bn (£1bn) in 2013. The oil explorer said that a new well completed in April had encountered a better than expected drilling outcome. Output from Tullow’s field in Ghana averaged 104,000 bopd this year, also in line with expectations. However, output in Gabon and the southern North Sea were both marginally below forecasts.