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| Tullow Oil's global operations. |
Tullow Oil, the Irish oil exploration company that is listed on the London Stock Exchange, today reported pre-tax profits of £114.2m sterling for 2007, a decrease of 57% on the 2006 figure mainly due to lower UK gas prices and exploration write-offs.
Revenues rose by 10% to £639.2m in a year in which the company said it had recorded its largest ever discovery, the Jubilee field offshore Ghana.
Basic earnings per share plunged 71% to 7.10 pence per share from 24.23 pence per share. A final dividend of 4 pence has been declared, up 14% from the dividend of 3.50 pence in 2006.
Tullow said that 2007 was an exceptional year for the company. It recorded its largest ever discovery, the Jubilee field offshore Ghana, continued its exploration in Uganda and generated record production, sales revenues, operating cash flow and growth in reserves and resources.
Commenting today, Aidan Heavey, Chief Executive, said:
"Exceptional exploration success, and strong production in 2007 have created an opportunity to deliver a transformational step change to our business. Our key priorities for 2008 are to appraise both the Jubliee field in Ghana and the Lake Albert Rift Basin in Uganda, while also testing the significant exploration potential of our wider portfolio. Tullow has the capability to grow substantially in the coming years and I believe we have the strategy, the assets and the team to achieve this. The outlook for 2008 and beyond is extremely promising."
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