Tullow Oil reports strong production at Jubilee Field in Ghana

8th May 2013 08:14

Dual listed independent oil and gas exploration group Tullow Oil has reported "continued strong production" from the Jubilee Field and production "in line with expectations" at its other assets across the West and North of Africa.In its interim management statement for the period from January 1st until May 8th, the group reported that continued strong production from the Jubilee Field continued to underpin Tullow's financial performance which funds its exploration programme.It said that the production guidance remained unchanged at 86,000-to-92,000 barrels of oil equivalent per day (boepd) for the full year.In Ghana, the group's Jubilee Field production averaged 104,000 barrels of oil per day (bopd) in the year to date in line with expectations. Since first oil, the group said that the field had produced more than 65m barrels. The group further reported that the gas compression upgrade project remained on schedule to be completed in the third quarter of this year, removing the current capacity restriction of 110,000 bopd.Elsewhere in the West and North of Africa, Tullow reported that production was "in line with expectations" for the year to date. Strong production was recorded at the Ceiba field in Equatorial Guinea following a workover and infill drilling programme. In Gabon, performance across the portfolio was also strong but marginally below expectations due to a short strike in March 2013.Year-to-date financials were "in line with expectations" and capital expenditure for 2013 was expected to be in the region of $2.0bn, excluding the Spring acquisition cost of $372m paid in January 2013, the group added. As of April 30th 2013, net debt was approximately $1.6bn and an unutilised debt capacity was recorded at approximately $2.0bn.The group said that the remainder of 2013 would be a "busy, exciting time" for Tullow, with the exploration programme having significant high-impact wells cross Africa, Norway and French Guiana.Tullow Oil's share price was up 1.68% to 1,026p at 08:58 on Wednesday.MF