Business
TULLOW OIL PLC - 2023 HALF YEAR RESULTS
TULLOW OIL PLC - 2023 HALF YEAR RESULTS.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n\n\nTullow oil PLC - 2023 Half Year Results\nFirst half revenue of $777 million, gross profit of $351 million and profit after tax of $70 million\nStart-up of Jubilee South East marks major step up in production and free cash flow\nBusiness plan on track to deliver c.$800 million free cash flow between 2023-2025\n13 September 2023 - Tullow announces its Half Year results for the six months ended 30 June 2023. Tullow will host a webcast presentation at 9am this morning, details of which can be found below and online at www.tullowoil.com.\nRahul Dhir, Tullow Chief Executive Officer, commented today:\n\"We are at an important inflection point in the evolution of our business plan. For the last two and a half years we have relentlessly focused on capital discipline, operational performance and appropriate investment in our assets. This has resulted in a much-improved business, material debt reduction and most recently, the delivery of Jubilee South East which has substantially increased production. We now switch to harvesting mode as our business is set to generate c.$800 million of free cash flow between 2023 and 2025, whilst we will continue to run our business with the same discipline. This will enable us to further reduce our debt, put in place a sustainable capital structure and grow our business to create value for our investors, host nations and employees.\"\nDelivering strategic priorities\n· First half working interest production of 53.5 kboepd; additional 7.3 kboepd net gas production from Ghana.\n· Start-up of Jubilee South East project, with gross production from the Jubilee field surpassing 100 kbopd.\n· Commercialisation of Ghana gas through interim gas sales agreement; represents a new revenue stream for Tullow.\n· Strong operational and safety performance; 97% average uptime at Jubilee and TEN FPSOs; four new Jubilee wells online year to date.\n· Gabon portfolio optimisation through cashless asset swap agreement with Perenco and licence extensions.\n· Unlocked value from sale of Tullow Guyana B.V., including the Orinduik licence, to Eco Atlantic for cash and contingent consideration.\n· Accelerated deleveraging through purchase of c.$166 million of 2025 Notes for c.$100 million cash consideration.\nFirst Half financial Result...