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Tullow Oil completes $1.45b equity placing for Ghana, Uganda activities

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The major stakeholder in Ghana’s Jubilee oil field, Tullow Oil has completed equity placing worth $1.45b to support its activities in Ghana and Uganda.

According to a press release issued by Tullow Wednesday August 25, 2010 and copied to ghanabusinessnews.com, the company indicates that its full year production forecast increased to 57-58,000 Barrels of Oil Equivalent Per Day (boepd), and its first half results are in line with market expectations.

Tullow also had a strong first half. According to highlights of the first half results for 2010, the results were up on the first half of 2009 reflecting a 30% increase in average commodity price realisations. While production declined by 6%, first oil from Ghana is expected before year-end and will result in significant production growth and increased cash flow in 2011.

It added that Uganda discovered resources are now one billion barrels and Heritage Ugandan assets have been acquired; finalisation and planned farm-down to CNOOC and Total awaiting resolution of the tax dispute with Capital Gains Heritage.

Commenting, Aidan Heavey, Chief Executive of Tullow said: “Tullow has continued to make strong progress in the first half of 2010. Our exploration and development programmes are delivering excellent results with significant new oil discoveries being made in both Ghana and Uganda and first oil from Jubilee expected before year-end,” adding, “With the balance sheet strengthened at the beginning of the year, and the expected proceeds from the Uganda farm-down, we will be very well funded to pursue our exploration-led growth strategy. We look forward with confidence to a promising second half of the year and strong performance overall in 2010.”

By Emmanuel K. Dogbevi

Tullow Oil completes $1.45b equity placing for Ghana, Uganda activities
The major stakeholder in Ghana’s Jubilee oil field, Tullow Oil has completed equity placing worth $1.45b to support its activities in Ghana and Uganda.
According to a press release issued by Tullow Tuesday August 25, 2010 and copied to ghanabusinessnews.com, the company indicates that its full year production forecast increased to 57-58,000 Barrels of Oil Equivalent Per Day (boepd), and its first half results are in line with market expectations.

Tullow also had a strong first half. According to highlights of the first half results for 2010, the results were up on the first half of 2009 reflecting a 30% increase in average commodity price realisations. While production declined by 6%, first oil from Ghana is expected before year-end and will result in significant production growth and increased cash flow in 2011.
It added that Uganda discovered resources are now one billion barrels and Heritage Ugandan assets have been acquired; finalisation and planned farm-down to CNOOC and Total awaiting resolution of the tax dispute with Capital Gains Heritage.
Commenting, Aidan Heavey, Chief Executive of Tullow said: “Tullow has continued to make strong progress in the first half of 2010. Our exploration and development programmes are delivering excellent results with significant new oil discoveries being made in both Ghana and Uganda and first oil from Jubilee expected before year-end,” adding, “With the balance sheet strengthened at the beginning of the year, and the expected proceeds from the Uganda farm-down, we will be very well funded to pursue our exploration-led growth strategy. We look forward with confidence to a promising second half of the year and strong performance overall in 2010.”

By Emmanuel K. Dogbevi

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