Tullow Oil upbeat on Mauritania while reporting 70% drop in full-year profit

Tullow Oil (TUWLF, TUWOY) says promising results from an offshore exploration well in Mauritania have opened up a new oil play in the region.

News of the exploration success came as the company reported a 70% drop in full-year net profit, in line with guidance, after taking a $697M charge related to unsuccessful exploration in 2013 and in previous years.

Production in 2013 averaged 84.2K boe/day vs. 79.2K boe/day in the prior year; Tullow forecasts output of 79K-85K boe/day for this year.

In 2014, Tullow plans to invest ~$1B in exploration and appraisal with major campaigns in Mauritania, Norway, Kenya and Ethiopia and a first well offshore Guinea.

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