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Tullow looking to accelerate Uganda projects

Tullow looking  to accelerate Uganda projects
Oil and gas operator Tullow Oil said yesterday that in Uganda it was working closely with the government and two potential new partners to accelerate development of three blocks with a discovered resource base of more than 800million barrels of oil.

Oil and gas operator Tullow Oil said yesterday that in Uganda it was working closely with the government and two potential new partners to accelerate development of three blocks with a discovered resource base of more than 800million barrels of oil.

The likely partners are French oil major Total and Chinese group CNOOC.

It is expected that each partner will have a one-third interest in each of the three blocks.

Tullow said that the completion of new debt facilities and equity placings, coupled with a proposed Uganda farm-down, were major steps in ensuring that it remained well funded to continue to execute its medium-term exploration, appraisal and development programmes.

Chief executive Aidan Heavey said after Tullow announced results for 2009: “Our future growth is underpinned by a significantly strengthened capital structure and overall the performance prospects for the group are very strong.

“A strong performance in 2009 and an excellent start to 2010 has enabled the group to continue to create material exploration and development opportunities.

“Although our 2009 reported results still reflect a period of financial transition, first oil in Ghana from the Jubilee field later this year will result in considerable production growth and increased cash flow.”

Tullow reported pre-tax profits of £20million for 2009, down from £299million the year before.

Revenue for the year was £582million, against £692million in 2008.

The company said its financial results were lower than a record 2008 mainly because of lower production volume and commodity prices and an increased International Accounting Standard 39 charge.

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