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By Pádraig Hoare
Tullow's shares rose 3% as his new boss said he was confident about the legal issues and that other factors "suppressing stock prices are now behind us ".
"Relative stability" in the global oil market in the coming months, the Irish exploration company has announced net profits of $ 55 million (47 million euros) on revenues from $ 900 million for the six-month period.
The oil company is down about 25% in the last 12 months. Earlier this year, he announced his first operating profit in four years, of 22 million euros for 2017.
M. McDade said that founder Aidan Heavey, who has now left the company, was a "big loss having built a phenomenon in Tullow". he was confident that he could build on the legacy left behind him.
"The questions removing the stock price are now all behind us and we are confident in the direction of the future," he said. The company will use a free cash flow of $ 401 million to repay its debt and invest rather than pay an interim dividend, he said, after raising the possibility of a return to payments.
Tullow plans to drill an exploration well in Namibia in September and expand drilling in Ghana in the next year. It targets final investment decisions on Uganda by the end of this year and Kenya by the end of 2019, which would open the oil industries of these countries to exports.
In Kenya, Tullow stopped a pilot project for oil production and trucking. According to Mr. McDade, 600 barrels a day to the coast due to security issues related to cattle theft and banditry.
-Reuters
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