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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Tullow Oil    TLW   GB0001500809

TULLOW OIL (TLW)
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Tullow Oil : UK's Tullow oil seeking partners in bid for additional Ghana block

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12/06/2018 | 10:50pm CET

ACCRA (Reuters) - UK oil explorer Tullow Oil is seeking partners in a bid to acquire a new oil block in Ghana which launched its first oil bidding round in October, the company's managing director Kweku Awotwi said on Thursday.

Tullow is already lead operator of two oil fields in Ghana including its flagship offshore Jubilee field, with cumulative output currently at around 160,000 barrels per day, Awotwi told reporters in Accra.

"We are looking for both local and international companies to partner with in the bidding rounds and we've spoken to a number of them," he said.

"It is obvious there is good resource out there and the thinking has always been that you cannot do it alone," Awotwi later told Reuters.

Tullow had to delay the development of its second field - Tweneboah, Enyenra, Ntomme (TEN) due to a maritime border dispute between Ghana and its western neighbour Ivory Coast.

Awotwi said following a resolution of the dispute by the International Tribunal of the Law of the Sea last year, Tullow had drilled three wells for TEN and two more for Jubilee.

"Things are improving and production is going up," he said, projecting that output could reach 180,000 barrels daily by the end of March next year.

(Reporting by Kwasi Kpodo; Editing by Richard Balmforth)

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Financials ($)
Sales 2018 2 154 M
EBIT 2018 898 M
Net income 2018 339 M
Debt 2018 2 790 M
Yield 2018 0,18%
P/E ratio 2018 8,81
P/E ratio 2019 7,04
EV / Sales 2018 2,80x
EV / Sales 2019 2,34x
Capitalization 3 238 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 3,45 $
Spread / Average Target 48%
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Managers
NameTitle
Paul McDade Chief Executive Officer & Executive Director
Dorothy Carrington Thompson Chairman
Sandy Stash EVP-Safety, Operations, Engineering & External
George Leslie Wood Chief Financial Officer & Executive Director
Angus Murray McCoss Executive Director & Exploration Director
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