Energy Africa gives Tullow record profit
September 19, 2005
By Ingrid Salgado
Cape Town - Energy Africa, which delisted from the JSE after it was bought by Tullow Oil last year, has helped the Ireland-based oil and gas group achieve a record first-half performance for 2005.
Tullow, which doubled in size after it acquired Energy Africa last May for $570 million (R3.6 billion at today's exchange rate), said last week that profit rose 660 percent to £63.1 million (R724 million) for the six months to June, driven by higher oil and gas prices, and the first full-period contribution from Energy Africa.
Energy Africa's assets included a 90 percent stake in Namibia's giant Kudu gas field as well as operations in Gabon, Equatorial Guinea and Congo.
Its production facilities in Gabon now account for an average output of more than 18 000 barrels a day, or 30 percent of Tullow's total group production.
Tullow's core areas of operation are gas and oil exploration and production in northwest Europe, Africa and south Asia.
The group, part of a new wave of independent producers, did not provide a breakdown of the contribution of Energy Africa's assets.
However, it said that in the period under review, Tullow's African oil interests contributed more than half of group revenue of £201.4 million, which came in 163 percent higher than the previous year.
Tullow's production interests in Africa also extend to Ivory Coast and its exploration interests to Morocco, Mauritania, Senegal, Cameroon and Uganda.
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