Business
November Trading Statement & Operational Update
November Trading Statement & Operational Update.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n TULLOW OIL PLC\n \n NOVEMBER Trading Statement & Operational Update\n \n \n 16 NOVEMBER 2022\n - Tullow Oil plc (Tullow) issues the following statement to provide an update on its ongoing operations and expectations for the full year. The information contained herein has not been audited and may be subject to further review and amendment.\n \n \n Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented today:\n \n \n \n \"In the first 10 months of the year, Tullow has delivered on its operating and financial targets as we successfully deliver our business plan despite the disappointment of the two strategic Ntomme wells. Our producing assets continue to perform well, in line with expectations, and as a result we have narrowed our full year production guidance to 61-62 kboepd. We continue to strengthen our balance sheet, with free cash flow guidance for 2022 increased to $250 million and gearing on track to be less than 1.5 times by the end of the year.\"\n \n \n \n \n \n \n OPERATIONAL UPDATE\n \n \n Production\n \n \n ·\n Group net working interest production averaged c.61.8 kboepd to end October 2022, in line with guidance.\n \n \n ·\n Full year production guidance for 2022 narrowed from 60-64 kbopd to 61-62 kbopd.\n \n \n \n \n \n \n \n \n \n \n Group average working interest production\n \n \n \n \n \n \n FY 2022 guidance (kboepd)\n \n \n \n \n \n \n Ghana\n \n \n 45\n \n \n \n \n Jubilee\n \n \n \n 32\n \n \n \n \n \n TEN\n \n \n \n 13\n \n \n \n \n \n Non-operated portfolio\n \n \n 17\n \n \n \n \n \n \n Total\n \n \n production\n \n \n \n \n \n \n 61-62\n \n \n \n \n \n \n \n Jubilee\n \n \n ·\n Jubilee production to end October was c.32.1 kbopd net to Tullow (gross c.84.5 kbopd).\n \n \n ·\n Four wells have been brought onstream this year; two new water injectors, a new producer and a previously drilled water injector.\n \n \n ·\n Two new Jubilee South East production wells are planned to be drilled before year end, and a further two wells (one producer and one water injector) are planned to be drilled in the first half of 2023; these four wells are expected to be brought onstream in 2023 and are expected to add material production in 2023 and beyond.\n \n \n ·\n Continued strong operating performance since Tullow took over Operations ...