Tullow Oil reaffirms its confidence on its outlook for the current year as oil and gas prices surge further ahead.
"Performance to date in 2006 has been encouraging and I look forward to reporting further progress as the year unfolds," chairman Pat Plunkett told shareholders at the company's annual meeting.
"While the current environment for independent oil and gas companies is a competitive one, the group continues to identify and have access to attractive opportunities," he added.
Tullow achieved record profits in 2005, buoyed by high oil and gas prices and acquisitions.
Pre-tax profit rose 282 per cent to £178.6 million sterling, while turnover grew 98 per cent to £445.2 million.
The group's average production increased 44 pct to 58,450 barrels of oil equivalent per day in 2005, rising further to 69,000 boepd as at March.
It hopes to build volumes to 75,000 boepd by end-2006.
At the time of Tullow's annual results announcement in March, Aidan Heavey, the chief executive, said the outlook for the business was 'very positive.'
Agencies