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Oil producer and explorer Tullow reported an after-tax profit of $ 55 million (47 million euros) for the six months preceding June 30.
This represents a considerable variation on the $ 348 million loss reported in the same period last year.
The group's gross profit was $ 521 million.
The group's business turnover was $ 905 million during the six months. According to Tullow 's 2018 half year results, today' s results are further evidence of Tullow 's progress in the first half of 2018, "said Paul McDade, CEO of Tullow.
The company, mainly engaged in production and exploration in Africa, reported free cash flow of $ 401 million, while its net debt fell to $ 3 billion over six months, compared with a net debt of $ 3.8 billion.
West African oil production averaged 88,200 barrels of oil per day during the six months preceding June 30
The TEN field in Ghana and the assets Tullow's untapped Gabon, Ivory Coast and Equatorial Guinea all outpaced expectations, the company said. 005] However, his Jubilee field in Ghana was slightly below expectations. Improvements to the gas compression system are expected to improve oil production capacity on the Jubilee field.
million. McDade went on to say that with the group's "solid financial foundation," he could focus on growing his three core businesses.
"Over the next two years, we will increase the production of our current assets in the West." Africa, is advancing two major onshore developments in East Africa and is accelerating our search for new oil fields in Africa. Africa and South America through a multi-year exploration campaign that will initially focus on Namibia and Guyana. "
updated to honor Tullow founder Aidan Heavy, who is stepping down as president and leaves the board of directors after 32 years.
Calling Mr. Heavy "a pioneer and inspirator in Africa for decades," Mr. McDade said: "
" Everyone in Tullow will miss Aidan and wish him and his family well. , all the best for the future, "he said.
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