Tullow oil has been boosted by an unexpected profit as it posted its results for the first half of the year.
The Africa-focused oil exploration group said revenues in the first half of the year fell 34% compared to the same period last year to $541m.
This was a smaller decline than expected, leading to a pre-tax profit of $24m.
Aidan Heavey, chief executive, said: “The start of production from the TEN field in early August will be transformational for the group allowing us to significantly increase our net production and begin the process of deleveraging our balance sheet.
“Tullow is well placed to move forward with a restructured and more efficient business that can deliver growth from its portfolio of high quality, low cost producing, development and exploration assets.”
Recommended for you
