Tullow Oil made a loss in excess of over $1billion, according to its half-year results.
Revenue was, however, estimated at $731 million.
The loss according to the firm was driven by exploration write-offs and impairments, totalling $1.4 billion pre-tax.
Group working interest production for the first half of 2020 averaged 77,700 barrels of oil per day, in line with expectations.
It also registered negative free cash flow in half-year due to weighting of cash taxes, cash capex, differentials, redundancy costs and working capital
Net debt as of the end of 30 June, 2020 stood at $3.0 billion.
Despite all this, it registered a strong operational performance in Ghana, with both FPSOs delivering in excess of 95% uptime.
Meanwhile, shareholders approved for sale of Ugandan assets for $500 million in cash on completion and US$75 million in cash.
Latest Stories
-
GETFund warns public against fraudulent scholarship scams
6 minutes -
Ivan Bruce-Cudjoe launches bid for GBA presidency, promises to reset Ghanaian boxing
7 minutes -
If NPP doubts security services, they should go to court – Deputy Interior Minister
12 minutes -
Chaos spreads as desperate Gazans wait for food to arrive
13 minutes -
US Army and Ghana Armed Forces collaborate on medical preparedness
15 minutes -
Teenage mother names four men for paternity test as first accused is cleared
32 minutes -
Effective leadership behind Cedi’s gain – Mahama reponds to Bawumia
43 minutes -
You don’t own our democracy – Ahiagbah slams Mahama over arrests of NPP members
44 minutes -
National Security raid was to plant cocaine, weed, or gold in my home – Wontumi alleges
59 minutes -
Licensed Gold Buyers charged to harness extended license transition deadline
1 hour -
AngloGold Ashanti commissions GH₵1.8m soap factory in Obuasi
1 hour -
GPL 2024/25: Nations FC host Samartex with league title insight
1 hour -
Monetary Policy Committee of BoG maintains policy rate at 28%
2 hours -
We’ll advise ourselves if gov’t continues to intimidate our members with security operatives – Nhyiaeso MP
2 hours -
Former NPP Deputy National Youth Organiser eyes Women Organiser role
2 hours