July 30 Oil and gas producer Tullow Oil Plc
reported a net loss for the first half of the year after
writing off more than $400 million in exploration costs.
The FTSE-100 company reported a net loss of $95 million for
the six months ended June 30 compared with a net profit of $313
million a year earlier.
Revenue fell 6 percent to $1.265 billion.
Tullow reported write-offs to the tune of $402 million after
drilling dry holes in Mauritania, Ethiopia and Norway over the
past six months. It also had various licences cancelled.
The British energy company is now counting on drilling
projects planned in Kenya and Ethiopia this year and next to
improve its exploration performance.
Tullow said production fell 12 percent in the first half of
the year to 78,400 barrels of oil equivalent per day (boepd),
short of its full-year production guidance of 79,000-85,000
Tullow's shares closed at 764 pence on Tuesday on the London
(Reporting by Roshni Menon in Bangalore; Editing by Robin