Irish oil and gas exploration company Tullow Oil said today turnover rose by 23 per cent to £67.4 million sterling on its North Sea and offshore West African interests.
Interim EPS at Tullow to June 2003 of £1.83p was 13 per cent lower as a higher effective tax charge and exploration write-offs of £5.8 million were booked.
Operationally, the group achieved a 48 per cent increase in EBIT to £24.9 million and generated a 25 per cent increase in operating cash flow to £46.2 million sterling during the period.
In the North Sea Tullow has strengthened its portfolio in the first half; in West Africa production was stepped up as expected. The has also acquired rights in Gabon offering significant potential.
Mr Patrick Plunkett, chairman of Tullow Oil, said the company's strategy of building a low risk exploration and production company is "progressing well".