Tullow on track as it ramps up Ghana output

EXPLORER Tullow yesterday hailed its financial and operational performance in the second half of the year as “strong”, as it ramped up operations at the Jubilee field in Ghana.

Production capacity at the field – of which Tullow owns 35.48 per cent – is expected to exceed 90,000 barrels of oil per day by the end of the year.

The FTSE 100 explorer said yesterday it remained on track to meet average net production of 80,000 to 84,000 barrels of oil equivalent a day for the full year.

Earlier this month, Tullow said it had struck oil at the second well it had drilled in northern Kenya, and yesterday confirmed that drilling results from its assets in Kenya and Ethiopia were expected before the end of the year.

Drilling results are also expected in the coming weeks from a well off the coast of French Guiana.

“Growing production and cashflow from the Jubilee field continues to strengthen Tullow's financial base, as we look forward to further significant exploration and development programmes in 2013,” the FTSE 100 explorer said in a statement yesterday.

Shares in the company have more than tripled in value over the last five years since exploration success in Ghana and Uganda, where the company is working on a huge new oil project.

Tullow Oil shares closed down one per cent at 1,371p yesterday.