Tullow Oil records $415 million exploration write-off

Oil exploration company, Tullow Oil, has booked a $415 million pre-tax write-off in net exploration for the first half of 2014 after a string of disappointing results in Norway, Ethiopia and Mauritania.

2nd July, 2014
Tullow Oil will focus efforts in Kenya and Ehtiopia this and next year

Oil exploration company, Tullow Oil, has booked a $415 million pre-tax write-off in net exploration for the first half of 2014 after a string of disappointing results in Norway, Ethiopia and Mauritania.

The company said however that it would maintain its full-year production goals of 79,000 to 85,000 barrels of oil equivalent per day.

The company said it expects to deliver strong revenue and gross profit in line with expectations of approximately $1.3 billion and €650 million respectively.

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