Pancontinental Energy NL (PCOGF)

[douginil]

Tullow Oil plc (Tullow) issues the following Trading Update for the period 26 July to 15 November 2018.

Published on: 15 November 2018

Trading Update summary

- All fields producing in line with expectations, full year oil production guidance narrowed to 87-91,000 bopd
- Full year free cash flow forecast to be c.$700 million, including Uganda farm-down proceeds of $200m, with net debt and gearing reducing from $3.5 billion and 2.6x to c.$2.8 billion and c.1.8x respectively by year-end
- Four new infill wells in Ghana expected to be on line by early 2019, increasing gross production to around 180,000 bopd
- Uganda farm-down expected to close around year-end 2018; development work on track with FID targeted for first half 2019

- Kenya Foundation Stage development to include the Ngamia, Amosing and Twiga fields; targeting FID in late 2019
- Cormorant-1 wildcat well drilled in Namibia for net cost below $5 million; no significant reservoir quality rocks encountered

- Multiple attractive prospects identified in Guyana acreage with drilling programme expected to commence in mid-2019

Read More at
https://www.tullowoil.com/media/press-releases/november-trading-update-2018