Tullow predicts strong growth in 2013 revenue, profit

Exploration firm Tullow Oil said it expected to see strong growth in revenue and profit in its 2013 financial results as production increased and oil and gas prices stabilised.

The firm said wells in Kenya and Norway added over 200 mmboe to contingent resources during the year, in line with exploration programmes in the company's strategy. However, the company said it expected a net write off of about $405 million for 2013 exploration, as not all wells were successful.

The exploration firm also today announced oil discoveries at its Amosing-1 and Ewoi-1 onshore Kenya and increased discovered resources for the basin to over 600mmbo.

"Tullow is a stronger company at the beginning of 2014 than in January 2013," chief executive Aiden Heavey said. "We made good progress across the business over the past year despite facing challenges within the oil and gas sector."