UPDATE 3-Tullow drilling in spotlight after mixed 2012

Fri Jan 11, 2013 6:45am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Set to drill 49 wells this year

* 2012 output undershoots; 2013 view below some forecasts

* Uganda exploration wells find no commercial hydrocarbons

* Shares down 5 percent

* Jubilee FPSO capacity to be tested in coming weeks

By Andrew Callus

LONDON, Jan 11 (Reuters) - Tullow Oil Plc has a record 49 wells planned this year, and drilling engineers due to deliver news by February are under pressure after a disappointing trading update from the Africa-focused company on Friday.

After a mixed year for one of the industry's best performing drillers of recent times, Tullow's output guidance for 2013 at 86,000-92,000 barrels of oil equivalent per day (boepd) came in below some analysts' forecasts, and its 2012 output at 79,200 boepd undershot company guidance.

In addition, parts of the update on drilling in Uganda and Kenya were more cautious than some analysts had hoped from Europe's largest oil and gas exploration and production company outside the industry's integrated giants.   Continued...