Tullow maintains output guidance after 'strong' Q3

13th Nov 2013 07:12

- Full-year production guidance maintained- 'Good progress' seen across main operationsTullow Oil said it is confident of exiting 2013 with oil output at record levels after 'strong production across the group' in the third quarter.The FTSE 100-listed oil producer said it is on track to deliver an average of 84,000-88,000 barrels of oil equivalents per day (boepd) for 2013, up slightly from the 79,200 boepd produced in 2012.The company expects to add 200m barrels to its resources "as it has averaged annually for the past six years", it said.Financials are said to be in line with expectations with capital expenditure forecast to total $2.0bn this year, compared with $1.9bn in 2012. Net debt as of November 11th was $1.8bn, up from $1.0bn at the start of the year.Tullow said it is making "good progress" across its main areas of operations. "Our high-risk, high-impact exploration campaigns have delivered significant successes in Kenya and Norway and we have a number of material well results due in the coming months," the firm said."Our high impact, basin opening exploration campaigns will continue in 2014, and with wells in Kenya, Mauritania, Norway, Ethiopia and Guinea planned for the first half, there is much to look forward to."BC