- Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) expects to deliver H1 revenue and gross profit in line with expectations, despite booking a $415M pre-tax writeoff in net exploration and expects a $115M loss on disposals after drilling dry holes in Mauritania, Ethiopia and Norway.
- Despite the disappointing drilling results in some areas, Tullow maintains its full-year production guidance of 79K-85K boe/day, expects production at the Jubilee oil field in Ghana to remain at 100K bbl/day of oil, while says its TEN project in Ghana is on track for first oil deliveries in mid-2016.
- Gross H1 profit came to $650M and revenue reached $1.3B, in line with the company's expectations.