LONDON (dpa-AFX) - Tullow Oil plc (TLW.L) reported Thursday that its first quarter 2019 Group oil production averaged 84,600 bopd. This was below expectations following technical issues that have now been resolved, in Ghana.
In a trading update for the period 1 January to 25 April 2019, the company said it has revised its Group full-year oil production guidance to a range of 90,000 bopd to 98,000 bopd. Earlier, the company projected overall Group net production in the range of 94,000 to 102,000 boepd.
The company noted that current net production is around 95,000 bopd and is expected to rise to 100,000 bopd as additional Ghana wells come on stream.
Tullow Oil issued the trading update in advance of the Group's Annual General Meeting or AGM which is being held today at London.
Paul McDade, Chief Executive Officer of Tullow Oil said, 'At today's AGM, the Board will be asking Tullow shareholders to approve the Group's first dividend payment since 2014. This 2018 final dividend and our new dividend policy, which is expected to deliver at least $100 million per year to shareholders, reflect the financial and operational progress that Tullow has made over the past few years.'
Copyright RTT News/dpa-AFX
© 2019 AFX News
