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Tullow shares tumble after downgrading its Jubilee-oil daily production target

Shares of Tullow oil has fallen after the jubilee operator dropped its Jubilee-field production target for this year to 90 thousand barrels per day.

The share price fell by 3.2 percent to close at 30 Ghana cedis on the Ghana Stock Exchange, the lowest since it listed last year.

Another partner in the field, Kosmos also shed off about 3.5 percent to close at 13.45 dollars on the New York Stock Exchange.

Tullow yesterday announced that it’s unable to meet optimum daily production of 120 thousand barrels because of some technical difficulties.

The partners have stated they will need about 400 million dollars to fix the challenge with some of the wells.

Meanwhile, Tullow has announced work on the country’s next oil field Mahogany East will start in February this year.

This was after government approved its development plan for the field earlier this year.

The field holds about a hundred and five hundred thousand barrels of crude and it’s located on the southeast of the Jubilee Field. Tullow is expected to spend about 1.1 billion dollars on the field.

http://business.myjoyonline.com/pages/news/201201/80089.php

 

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