RE: For BTFath17 Mar 2020 00:04
You missed this bit: In late 2018, Tullow appointed TRACS as its independent reserves auditor. Over the course of 2019, over 95% of the Group's reserves and resources have been audited and the results underpin the quality of the asset base. Group net 2P reserves at year-end 2019 are 245 mmboe (2018: 280 mmboe). Excluding the impact of 2019 production (31 mmboe), reserves are largely unchanged year-on-year and reflects an increase in reserves at the Jubilee field and non-operated assets, offset by a reduction in reserves at the Enyenra field at TEN. Group net 2C resources have increased to 1,102 mmboe (2018: 874 mmboe), largely driven by additions in Ghana. Tullow will publish its full audited reserves and resources with its 2019 Full Year Results.
Business Review update & reporting timetable
The Board's business review covering all areas of Tullow's operations, cost-base and reporting is progressing well. The Board is confident that the outcomes will deliver significant improvements to the Group's organisational structure, major reductions in G&A and a more efficient and effective business. Actions taken in December included the implementation of a smaller, more focused interim Executive team and initial restructuring of the next level of leadership. Since then, work has focused on simplifying the structure of the organisation and these changes will be implemented in the coming months. The next phase of the review will focus on the investment plans for each of the Group's major assets
Sign In
Follow the stocks
