Tullow Oil Plc (TLW.L) Friday said it anticipates full-year revenues in the order of $2.35 billion, up from $2.30 billion reported last year.
Consolidated working interest production for the year averaged 79,200 barrels of oil equivalent per day. The production fell short of expectations as Tullow’s non-operated production in the CMS area was shutdown in December, following a safety incident.
Working interest production volumes averaged 68,000 barrels of oil equivalent per day in 2012, compared to 66,800 boepd last year.
Realised commodity prices were approximately $111.8/bbl, pre hedge, and $107.6/bbl, post hedge, both in line with last year’s average levels. Realised gas price was approximately 58.5 pence/therm.
In 2012, Kenya was established as a new oil nation with two frontier discoveries at Ngamia-1 and Twiga South-1. The Group achieved a 72 percent exploration and appraisal success ratio, despite certain recent dry holes.
In Uganda, Four wildcat exploration wells have been drilled in December to help delineate the ultimate basin potential ahead of potential relinquishments.
Net debt as on December 31 was approximately $1.0 billion, while headroom under all debt facilities was approximately $2.2 billion.
For fiscal-year 2013, Production is expected to range between 86,000 boped to 92,000 boped, including all gas assets currently held for sale.
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by RTT Staff Writer
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