LONDON (dpa-AFX) - Independent energy company Tullow Oil plc (TLW.L), on Thursday, reported that group working interest production in the first quarter of 2024 was about 59 kboepd, including about 7 kboepd of gas production, within the expected range for the period.
Jubilee oil production in the first quarter was about 93 kbopd gross. Three new wells were brought on stream during the period and production efficiency was high at 99%.
TEN production in the quarter was ahead of expectations at about 19 kbopd gross, supported by production efficiency of c.99% and optimisation of existing wells.
Further, production from the company's non-operated portfolio in Gabon and Côte d'Ivoire was in line with expectations at about 13 kboepd net in the first quarter.
The company believes that it is on track to reduce net debt to less than $1.4 billion and cash gearing of net debt to EBITDAX to c.1x at $80/bbl by the end of 2024. Tullow is also on track to deliver about $600 million free cash flow or FCF over 2024 to 2025 at $80/bbl and sustainable free cash flow generation thereafter.
For FY24, the company continues to see group working interest production in the range of 62-68 kboepd, with the full-year outcome expected to be towards the lower end of the range.
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