Tullow Oil says financials in line

Tullow Oil said that its financial position for the year to date was in line with expectations, with capital spending set to be around $2 billion in 2013.

In a trading statement ahead of its annual general meeting today, Tullow said its Enyenra-6A appraisal well, completed in April, encountered 18 metres of oil pay in a better than expected drilling outcome.

Enyenra-6A is part of Africa-focused Tullow’s offshore Tweneboa-Enyenra-Ntomme (TEN) project, a development plan for which was submitted to Ghana’s government in November.

Tullow said output from its Jubilee field in Ghana averaged 104,000 barrels a day in the year to date - also in line with expectations, although output in Gabon and the southern North Sea were both marginally below expectations.

Reuters