London-based Tullow Oil, the explorer with projects in three continents, raised production 13 per cent last year after drilling more wells.
Output averaged 73,100 barrels of oil equivalent a day in 2007, the company said today in a statement.
Tullow plans to pump 70,000 to 74,000 barrels a day this year. Tullow says Uganda's Ngassa well is "now expected to reach target depth in late March following operational and logistical delays," Tullow said.
Extraction in Equatorial Guinea exceeded 100,000 barrels of oil a day on January 17th, it said.
Tullow added 12.5 pence, or 2.3 per cent, to 560 pence as of 8.03am in London. The explorer will concentrate on projects in Ghana and Uganda.
Production from the Chinguetti field in Mauritania was "significantly below expectations and following a review of reservoir performance, the ultimate recoverable reserves are
expected to be significantly downgraded," Tullow said today.
It expects to record a £30 million-pound ($59 million) charge associated with Chinguetti.
Tullow said forecast revenue will rise to more than £620 million, a 7.1 per cent gain from £579 million last year.
It also said it would write off £55 million in exploration investment, because of "unsuccessful" projects in the UK, Namibia, Ghana and Gabon