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Market: LSE
Sector: Energy
EPIC: TLW
Latest Price: 1,462.00p  (1.53% Ascending)
52-week High: 1,508.00p
52-week Low: 879.50p
Market Cap: 13,229.89M
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Tullow Oil
www.tullowoil.com

Tullow Oil plc is a leading independent oil and gas, exploration and production group and is quoted on the London and Irish Stock Exchanges. The Group has interests in over 90 production and exploration licences in 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

Full Tullow Oil profile here
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Tullow Oil reports 85% Exploration Success Rate In Year to Date

11th Nov 2009, 9:13 am Tullow Oil reports 85% Exploration Success Rate In Year to Date

This morning, Tullow Oil (LSE: TLW) (‘Tullow’) released its Interim Management Statement for the period covering July to 11 November. The FTSE 100 Oil & Gas producer said that its business continues to perform strongly, with particular emphasis on its exploration success rate of 85% in the year-to-date. The initial success in its exploration programme has largely been driven by projects in Uganda, Ghana and Sierra Leone.


Tullow’s overall operational and financial performance is said to be in line with expectations. According to Tullow, the outlook for the remainder of 2009 and into 2010 is ‘very positive’.


Tullow also confirmed that its production and development assets are performing well, with 2009 working interest production expected to average 58,000 barrels of oil equivalent per day (boepd) which in line with previous guidance.
Also in Africa, the Jubilee development drilling and facilities fabrication remains on track to deliver first oil in the fourth quarter of 2010. A number of high-impact wells will also commence drilling before year-end and Tullow expect to have a new partner in Uganda early in the New Year.


Tullow’s track record in Africa has been nothing short of excellent in recent years.  Success in Sierra Leone and Ghana has significantly enhanced the potential of the West African portfolio, and the inclusion of Shell as a partner in its French Guiana projects “is a strong endorsement” of its acreage.

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