Thursday, March 17, 2011

Tullow oil reported 2010 annual results; Reported 2010 annual production of 58,100 boepd surpassing initial 2010 guidance of 55-57 kboepd; Plan to invest for exploration led value growth in Mauri-Tano trend , South America and East Africa


Tullow reported 2010 annual production of 58,100 boepd surpassed 2010 guidance. The company achieved 82% exploration and appraisal success rate and three year reserves replacement ratio of 250%. Tullow plan to invest $1,500 million in 2011 and is planning to produce 86-92 kboepd in 2011.

Highlights:



-- 2010 annual production of 58,100 boepd surpassing initial 2010 guidance of 55-57 kboepd


-- 83% Exploration and Appraisal success rate in 2010


Plan to invest $1,500 million in 2011


-- Frontier exploration to open new basins in 2011

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