Tullow's 2013 production at low end of guidance, reports Kenya discoveries

|About: Tullow Oil Plc. (TUWLF)|By:, SA News Editor

Tullow Oil (TUWLF, TUWOY) says it expects to post production of 84.2K boe/day for 2013, up from 79.2K in 2012 but at the lower end of earlier guidance.

Tullow expects FY 2013 revenue of $2.6B, up from $2.34B in 2012, while gross profit is expected to rise to $1.4B from $1.35B.

FY 2014 production is seen at 79K-85K boe/day, with capex rising to $2.2B from $1.8B in 2013.

Says discoveries at its Amosing-1 and Ewoi-1 wells in Kenya add gross mean resources of more than 600M barrels of oil.