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Tullow provides positive Kenya exploration update

02 July 2014, 15:45

Nairobi - Tullow Oil announced there had been a number of successful exploration, appraisal and testing results from the South Lokichar Basin onshore Kenya.

In a trade update, the international oil firm said activity would continue during the second half of the year to refine and extend the basin potential including the Etom and Ekosowan exploration wells.

Four new basins in Kenya and Ethiopia are being tested during the second half of the year and five further basins will be tested in Kenya and Ethiopia during 2015, said the firm.

Tullow, the company added, continued to make good progress with its future developments in Kenya and Uganda, particularly around cost optimisation for Uganda and the recognition by both Governments of the benefits to their projects of a shared pipeline.

Meanwhile, Tullow’s 2014 half-yearly financial results are expected to deliver strong revenue and gross profit in line with expectations of approximately $1.3 billion and $650 million respectively.

Tullow’s exploration programme over the past six months has focused mainly on Kenya, Norway, Ethiopia, Mauritania and Gabon.

Commenting on the financial performance, Aiden Heavy, the Chief Executive, said Tullow had continued to move the business forward over the last six months.

"Exploration and appraisal success in Kenya has further de-risked the 600mmbo discovered resources. We are also making good progress towards developing the oil that our exploration team has found in Ghana, Kenya and Uganda and in assessing the significant upside potential in each of these areas," he said.

Heavy said Tullow was well funded following its second bond issue and was making steady progress with its asset disposal programme.

"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.”  

 - CAJ New

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