Tullow Oil says improvement plans is delivering results

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Tullow Oil PLC (LON:TLW) said it produced 62,000 barrels of oil per day, in line with expectations, in the month of May.

The company, in a statement ahead of its AGM, said its operational improvement plan in Ghana is delivering results with 98% average uptime year-to-date across both the Jubilee and TEN floating production facilities.

It added that production is supported by reliable gas offtake from the Government of Ghana which regularly averages between 110 – 130 mmscfd.

Additionally it noted, as previously announced in April, that a multi-year drilling campaign is underway in Ghana. The first new production well at the Jubilee field has been completed, along with a water injector, and will be back online in the third quarter.

Tullow also updated on its operations onshore Kenya where alongside partners it is working to deliver a full field development plan that is sustainable and economic at low oil prices.

It said that technical work is complete, supported by early production data, and resource volumes are presently being audited whilst a detailed project plan is being prepared ahead of talks with the Ministry of Mining and Petroleum and the Government of Kenya.

Infrastructure aspects of the project are progressing including work at Lamu Port which was commissioned in May.

Tullow said its exploration team is focussing on unlocking value from the substantial risked resources in the emerging and maturing basins of Guyana, Suriname, Argentina and Côte d’Ivoire.

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