Africa-focused Tullow Oil reported its first annual net profit in five years yesterday and said it would resume dividends with a 4.8 cent per share payout as it sets sights on East African projects and drilling in Guyana. The largest chunk of that money will help increase output in Ghana, which sets Tullow on course to raise output to 102,000 barrels of oil equivalent per day (boed) this year from 90,000 boed. Tullow made a post-tax profit of $85 million on $1.9 billion in revenue last year, buoyed by higher oil prices and cost discipline. Barclays analysts said in a note they expected the tax payment to be around $85 million. In Uganda, Tullow anticipates finalising commercial and land agreements in the first half.

Source: The Star February 13, 2019 20:26 UTC