Tullow Oil FY operating cash flow broadly unchanged at $600m

Tullow said if oil prices, currently at around $76 a barrel, averages roughly $60 a barrel for the rest of the year, the target would be attainable, while if they average $70, operating cash flow would go up by $50.0m.

Output was predicted to be mostly unchanged at approximately 60,000 barrels per day.

First-half revenues were projected to be $700.0m, with a realised oil price of $58 barrel and hedge costs of $50.0m, while net debt was said to be around $2.3bn and first-half capex was approximately $100.0m.

Chief executive Rahul Dhir said: "This strong operational performance, combined with continued capital discipline, improved market conditions and asset sales in Gabon and Equatorial Guinea, supported our transformational debt refinancing.

"Tullow now has a strong financial footing and we are making very good progress in delivering on our highly cash generative business plan and continuing to reduce our debt."

As of 0835 BST, Tullow shares were up 1.61% at 52.04p.