Africa Oil Corp (AOIFF)

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Tullow Oil - 2018 Full Year Results Feb 13, 2019


$1.9 billion sales revenue; $411 million free cash flow; 1.9x gearing; 4.8¢/share final dividend
Ghana gross production c. 180,000 bopd in 2019; FIDs targeted in East Africa
Three-well Guyana drilling campaign to commence mid-year

13 February 2019 – Tullow Oil plc (Tullow), the independent oil and gas exploration and production group, announces its Full Year Results for the year ended 31 December 2018. Details of a presentation in London, webcast and conference calls are available on the last page of this announcement or visit the Group's website www.tullowoil.com.

COMMENTING TODAY, PAUL McDADE, CHIEF EXECUTIVE OFFICER, SAID:
“Tullow has worked hard over the past few years to become a self-funding, cash-generating business with a robust balance sheet, low-cost assets and a rigorous focus on cost and capital discipline. This has allowed us to set a clear capital returns policy which will start with the 2018 final dividend announced today. Our high-margin producing assets in West Africa, substantial development assets in East Africa and exploration licences in industry hotspots provide Tullow with a strong foundation for growth in the years ahead.”

2018 FULL YEAR RESULTS SUMMARY

- Revenue of $1.9 billion; corporate Business Interruption insurance proceeds of $188 million
- Gross profit of $1.1 billion; profit after tax of $85 million; free cash flow of $411 million; opex reduced to $10/barrel
- Year-end net debt of $3.1 billion, $1 billion headroom; gearing of 1.9x; no near-term maturities
- 2018 capital investment of $423 million; 2019 forecast of $570 million
- Sustainable capital returns policy announced in November; 2018 final dividend of 4.8¢/share ($67 million)
- West Africa 2018 net oil production averaged 88,200 bopd; 2019 forecast 93,000 - 101,000 bopd
- Principles agreed with Government of Uganda on CGT; completion of farm-down to follow
- JV Partners targeting Uganda development FID around mid-year; Kenya development targeting end 2019 FID
- Guyana exploration drilling to commence in mid-2019 with a three-well programme planned


Read more at:
https://www.tullowoil.com/Media/docs/default-source/3_investors/2018-full-year-results/tullow-oil-plc_2018-full-year-results-presentation.pdf?sfvrsn=2

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