TLW Tullow Oil Plc

By Oliver Griffin

Tullow Oil PLC (TLW.LN) on Thursday adjusted its full-year production guidance after average group oil production fell below expectations in the first quarter due to technical issues.

The energy company said production in the first quarter averaged 84,600 barrels of oil a day due to issues at its operations in Ghana.

While the issues are now resolved, Tullow now expects full-year production to average between 90,000-98,000 barrels of oil a day. At the time of its 2018 financial results, the London-listed company had forecast 94,000-102,000 barrels a day.

Currently production is around 95,000 barrels of oil a day and is expected to rise to 100,000 barrels as additional Ghana wells come on stream, the company said.

The company said a final investment decision for its joint-venture project in Uganda is planned for the second half of this year.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

April 25, 2019 03:10 ET (07:10 GMT)

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