Tullow Oil: shares down after 'uneventful' report
(CercleFinance.com) - UK-based explorer Tullow Oil said 2018 full-year oil production reached 88,200 barrels per day (bpd) - in line with expectations - with the group aiming to produce 93,000-101,000 barrels per day for 2019.
For 2018, Tullow expects to deliver free cash flow of about 410 million dollars, with FY total revenue of approximately 1.8 billion dollars.
Despite a volatile oil price, the firm plans increase oil production in West Africa and and drill the first wells in a new exploration project in Guyana.
However, analysts at Berenberg said the trading statement was "uneventful."
"Tullow will embark on one of the most attractive exploration programmes in the sector in second-quarter 2019 in Guyana, but we think it is still too early to play this catalyst, especially in the current uncertain macro-environment," they said, sticking to their "hold" rating on the stock, along with a target price of 230 pence.
Tullow Oil shares are currently down 1.7% at 197 pence.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
For 2018, Tullow expects to deliver free cash flow of about 410 million dollars, with FY total revenue of approximately 1.8 billion dollars.
Despite a volatile oil price, the firm plans increase oil production in West Africa and and drill the first wells in a new exploration project in Guyana.
However, analysts at Berenberg said the trading statement was "uneventful."
"Tullow will embark on one of the most attractive exploration programmes in the sector in second-quarter 2019 in Guyana, but we think it is still too early to play this catalyst, especially in the current uncertain macro-environment," they said, sticking to their "hold" rating on the stock, along with a target price of 230 pence.
Tullow Oil shares are currently down 1.7% at 197 pence.
Copyright (c) 2019 CercleFinance.com. All rights reserved.