LONDON (dpa-AFX) - Tullow Oil Plc (TLW.L) reported a loss before tax of $1.44 billion for the six months ended 30 June 2020 compared to profit of $268 million, last year. Loss per ordinary share from continuing activities in cents was 94.2 compared to profit of 7.1. The Group noted that its loss for the period was driven by exploration write-offs and impairments totalling $1.4 billion pre-tax.
First half sales revenue from continuing activities declined to $731 million from $872 million. Group working interest production averaged 77,700 bopd in the first half of 2020.
Tullow Oil said Group production has been strong going into the second half and full year guidance has been narrowed to 73-77,000 bopd following good well performance in Ghana offset by the negative impact from OPEC+ quotas in Gabon.
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