LONDON (dpa-AFX) - Tullow Oil plc (TLW.L), on Wednesday, reported that Group working interest production in the first half of 2021 averaged 61,200 bopd, in line with expectations.
The company expects first-half 2021 revenue to be about $0.7 billion with a realised oil price of $58/bbl, including hedge costs of c.$50 million.
At 30 June 2021, net debt is expected to be about $2.3 billion and liquidity headroom and free cash are expected to be about $0.7 billion.
For the full year 2021, the company currently expects group working interest production to be in the range of 55,000 - 61,000 bopd compared to the previously communicated range of 60,000 - 66,000 bopd. The guidance reflects the sales of the Equatorial Guinea assets and the Dussafu Marin permit and first half delivery.
Rahul Dhir, Chief Executive Officer, Tullow Oil plc, said, '...Tullow now has a strong financial footing and we are making very good progress in delivering on our highly cash generative business plan and continuing to reduce our debt.'
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