West Africa-focused Tullow Oil on Wednesday lowered its 2025 manufacturing forecast to account for the sale of its Gabonese property, as the corporate continues to streamline its operations to spice up efficiency, and reported a first-half loss.
Its shares fell 10% in early buying and selling.
Tullow now expects output of 40,000-45,000 barrels of oil equal per day (boepd) for the 12 months, down from 50,000-55,000 boepd projected earlier. It reported a mean manufacturing of 40.6 kboepd within the first half, excluding Gabon.
“Within the second half of the 12 months we’re focussed on refinancing our capital construction, manufacturing optimisation actions and persevering with to optimise our value base,” finance chief and interim CEO Richard Miller stated.
Miller added that Tullow had taken actions to handle current underperformance at its Jubilee oilfield in Ghana, with additional “optimisation potential” recognized.
Tullow operates primarily in Ghana, Gabon, Côte d’Ivoire, and some different African nations, with most of its output coming from the Jubilee and TEN oilfields in Ghana.
The corporate reported a loss after tax of $80 million from persevering with operations for the primary half, in contrast with a revenue of $106 million final 12 months, pushed by decrease revenues, impairment fees and better prices.
DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially signify the views or coverage of Multimedia Group Restricted.
DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially signify the views or coverage of Multimedia Group Restricted.
Source link
