Oil and gas exploration and production group Tullow Oil plc, has reported record profits for 2005 with an operating profits increase of 250% at £198.6 million up from £56.8 million in the previous year.
With an increase of 98% in sales revenue with pre-tax profits at £178.6m, up 282% on the previous year's £46.8m, Tullow's Chief Executive, Mr Aidan Heavey, described the outlook for the group as "very positive."
Tullow recorded a 44% increase in average annual production to 58,450 barrels per day. Current production is at 69,000 and is expected to reach 75,000 boepd by the end of the year.
While the 2005 results were achieved against a background of increasing global oil and gas prices, the record results were boosted by the group's completion of its £200 million Schooner and Ketch acquisition and progress made on the key Okume Complex and West Espoir developments.
Commenting today, Pat Plunkett, Chairman, said: "Today's record results demonstrate the quality and depth of Tullow's portfolio. We are reaping the benefits of the scale achieved through our major acquisition and investment programme of recent years and we look forward to the many exciting opportunities for further development and growth in 2006 and beyond."
To date this year, the exploration group has had two oil discoveries in Uganda, one UK gas discovery, and two dry holes in Gabon.
