Tullow upbeat on performance


Irish-listed oil explorer Tullow was optimistic about its half-year performance in a trading update issued yesterday, despite reporting that profits are to more than halve.

The company said it expects to report revenues of $800m in the six months to the end of June, down from $1.3bn for the same period last year.

Gross profit was $300m, down from $700m at the mid-point of 2014. However, the firm has raised its full-year production guidance after its flagship Jubilee offshore Ghana field produced more than expected.