Tullow says outlook 'very positive'

12th May 2009 07:01

Ireland-based Tullow Oil has performed strongly in 2009 to date and said the outlook for the rest of the year remains 'very positive'.The Jubilee development is on track for first oil in the second half of 2010 and the group has maintained a 100% success rate with its drilling operations in both Ghana and Uganda where the Tweneboa-1 and Giraffe-1 wells, in particular, yielded substantial new discoveries.Net Debt at 31 March 2009 was £276m."At the beginning of the year, Tullow prioritised its 2009 capital budget to focus on the Phase 1 development of Jubilee, the fast-track commercialisation of discovered resources in Uganda and to execute selective high-impact exploration and appraisal campaigns in both regions," said the firm."The group is making excellent progress on all fronts and, based on this success, is considering additional capital expenditure opportunities," it added.