Business
JULY TRADING STATEMENT & OPERATIONAL UPDATE
JULY TRADING STATEMENT & OPERATIONAL UPDATE.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n\n\n\n\nTULLOW OIL PLC\nJuly Trading Statement & Operational Update\nJubilee South East due onstream imminently, driving a positive step change in production and free cash flow generation\n$266 million gross debt reduction in 1H through bond buy back and amortisation\n12 JULY 2023 - Tullow issues the following statement in advance of the Group's 2023 Half Year Results scheduled for 13 September 2023. The information contained herein has not been audited and may be subject to further review and amendment.\nRahul Dhir, Chief Executive Officer of Tullow, commented today:\n\"This is an exciting time for Tullow and a pivotal moment in 2023 as we are on the cusp of the start-up of Jubilee South East, a project that demonstrates our operational capability and continued investment in Ghana's world class Jubilee field. Gross production from the field is expected to exceed 100,000 bopd which will mark the outset of increased cash flow generation to materially deleverage our business.\n\"Our tender offer for the 2025 Notes marked an important step in addressing our debt maturities and reiterates our confidence in our business plan and outlook. It has also accelerated our deleveraging trajectory and we expect to continue this positive momentum in the second half of 2023 and beyond.\"\nOperations update\n· First half 2023 Group production averaged c.53 kboepd. Net production in the first half of the year from the Jubilee and TEN fields averaged c.28 kbopd and c.11 kbopd, respectively, and net production from Gabon and Côte d'Ivoire averaged c.14 kboepd. Full year group guidance remains unchanged at 58-64 kboepd.\n· Jubilee South East (JSE) is due onstream imminently. Three JSE producers and one JSE water injector are expected onstream this year to help sustain gross Jubilee production over 100 kbopd. Tullow and its Partners plan to maintain this increased level of production at Jubilee over the next few years through an ongoing infill drilling programme. Future drilling locations have been identified to further extend this plateau and realise the full potential of the significant Jubilee resource base.\n· Planned TEN shutdown is underway, seeking to improve gas handling and support reduced flaring. The amended TEN Plan of Development is being fina...