Tullow sinks into H1 loss as charges take toll

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

Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) says it swung to a net loss of ~$75M in H1, largely due to a sharp increase in writeoffs of exploration costs associated with exploration and appraisal activities in Norway, Mauritania and Ethiopia this year and in prior years.

Revenue fell 6% Y/Y to $1.265B, mostly due to a 7% loss in sales volumes from the disposal last year of assets in Bangladesh and Gabon.

Q2 production fell 12% to 78.4K boe/day from 88.6K boe/day in the year-ago quarter.

Says its effort to sell part of its 50% stake in the $4.9B Ghana TEN oil project has slowed, reflecting weaker conditions in the market for sellers of oil assets.

Says it is making an exit from Sierra Leone and Liberia, while also revealing an onshore discovery in Gabon.