Tullow Oil production on track
Exploration firm Tullow Oil's operational and financial performance has "continued to be strong" in the second half of 2012, the company said.
In an interim management statement issued this morning, the company said it remains on track to deliver average net production of 80,000 to 84,000 barrels of oil equivalent per day for the full year.
Production capacity has been enhanced at the company's Jubilee field in Ghana, West Africa, which is expected to generate in excess of 90,000 gross barrels of oil per day by year-end.
"Exploration success in Kenya is opening up another new basin in East Africa with major upside potential. Growing production and cashflow from the Jubilee field continues to strengthen Tullow?s financial base as we look forward to further significant exploration and development programmes in 2013," it said.
Earlier this month, the exploration and production group extended its $3.5 billion (€2.74 billion) debt facility by four years to 2019.
Tullow had an existing agreement with its bankers allowing it to borrow up to $3.5 billion which was due to expire in 2015.
The Irish group replaced it with a new agreement with a syndicate of 27 international lenders that expires in November 2019.