Tullow Oil Q1 oil and gas production in line with expectations

LONDON (Thomson Financial) - Tullow Oil Plc's oil and gas production for the first quarter of 2008 has been in line with expectations and the business has benefited from increasing oil and gas prices, it said in its interim management statement.

Growth has come mainly from the focus on exploration and production in Ghana and Uganda, the centre of the company's operations.

Tullow said that its portfolio management efforts are expected to generate in excess of $550 million during 2008. Net debt on March 31 was 478 million pounds before any disposal receipts.

The company is positive about the outlook for 2008 with high oil and gas prices set to continue, it said.

[email protected] ejm

Add New Comment