Tullow Oil reports €306m ($415m) pretax write off due to poor exploration results
Published 02/07/2014 | 08:24
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.