Tullow Oil reports €306m ($415m) pretax write off due to poor exploration results
Tullow Oil reported a €306m ($415m) pretax write-off in net exploration in the first half of 2014. after disappointing results in Mauritania, Ethiopia and Norway.
The oil and gas producer attributed the loss to disappointing results in basins in Mauritania, Ethiopia and Norway.
However, the Irish explorer maintained its full-year production guidance of 79,000-85,000 barrels of oil equivalent per day.
Tullow is focusing on drilling in new exploration sites in Kenya and Ethiopia this and next year and continuing steady production from its flagship Jubilee oil field in Ghana.
"With potential basin-opening wells across the portfolio coming up in the second half of the year and strong revenue and cash flow, Tullow is in a strong position for the remainder of this year and into 2015," said Chief Executive Aidan Heavey.
He also said its asset disposal programme was making steady progress, with further deals expected to divest its remaining UK and Dutch North Sea portfolio.