Business
Half Year Results
Half Year Results.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n Tullow oil PLC - 2022 Half Year Results\n \n \n \n \n \n \n \n \n \n 14 September 2022\n \n - Tullow Oil (Tullow) announces its Half Year results for the six months ended 30 June 2022. Tullow will host a webcast presentation at 9am this morning, details of which can be found on the last page of this announcement and online atwww.tullowoil.com\n \n \n Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today:\n \n \n \n \"The turnaround of Tullow has gained momentum in the first half of 2022, with solid production from our West African portfolio driving stronger financial performance. We added material, unhedged production in Ghana through the pre-emption of the Kosmos-Oxy deal and took over the Operations & Maintenance (O&M) of the Jubilee FPSO to ensure that we can sustain the good operating performance and deliver further operating cost improvements. Our drilling programme has been very efficient and at current performance levels we will be able to deliver our planned programme of wells\n \n \n through next year with just one rig.\n \n \n \n \n The Board of Tullow remains fully committed to the merger with Capricorn which continues to be recommended by both the Tullow and Capricorn Boards on the current terms. We firmly believe that the proposed merger has the potential for material value creation by implementing a combined business plan which accelerates investment in key projects and delivers very significant synergies.\n \n \n \n \n We have a high quality, opportunity rich portfolio, a clear and disciplined growth strategy and an improving balance sheet. The Board looks to the future with confidence, and I look forward to sharing further details at a capital markets day.\"\n \n \n \n 2022 First half results summary\n \n \n ·\n Group working interest production for the first half of 2022 averaged 60.9 kboepd, in line with expectations.\n \n \n ·\n Ghanaian drilling programme ahead of schedule, having completed two previously drilled wells and drilled and completed another three wells. A further six wells are expected to be drilled and two of these completed by year-end.\n \n \n ·\n Operational delivery: continued strong FPSO uptime (Jubilee c.95% and TEN c.99%), gas export (averaging c.90 mmscfd) and water injection (Jubilee c.170 kbwpd and TEN c.65 kbwpd).\n...