In Wednesday’s trading update Tullow Oil plc (LON:TLW) confirmed a 2018 production rate of 88,200 barrels of oil per day, in line with expectations.
Tullow also told investors that full year revenue amounted to US$1.8mln, and, noted US$200mln of additional proceeds from its corporate business interruption insurance.
Cash flow of US$410mln was described as strong, and, the company noted net debt of US$3.1bn year-end.
Tullow pitched its 2019 forecast at 93,000 to 101,000 bopd.
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It highlighted that seven new wells are slated in its 2019 programme for Ghana, to deliver 180,000 bopd of gross annual production.
Key investment decisions are anticipated in Uganda and Kenya, where potentially two new field developments could get the green light this year.
For exploration, the highlight will be drill programme offshore Guyana where three wells are planned in “high potential” acreage – which has been somewhat de-risked by Exxon’s multi-billion barrel discoveries in a nearby licence block.
"Tullow is well-placed to deliver on its growth ambitions,” said Paul McDade, Tullow chief executive.
“In 2019, we will increase oil production in West Africa, target final investment decisions in East Africa and drill the first wells in an exciting exploration campaign in Guyana.
“Despite a volatile oil price, Tullow's improved balance sheet, low cost production and strong cash flow generation, even at lower oil prices, will allow us to both invest for growth and pay a sustainable dividend."
Tullow’s full year results are scheduled to be released on Wednesday 13 February 2019.