Tullow Oil raised its full-year production targets on Wednesday following strong performances at its TEN and Jubilee fields and approval from the government of Ghana for further development.
The Africa focused oil exploration and production company said it was revising its full-year production guidance higher to 85,000-89,000 barrels per day (bpd), from previous forecasts of between 78,000-85,000 bpd.
As well as recording strong performances at its TEN and Jubilee fields, the FTSE 250-listed company said it had received approval to further develop its Greater Jubilee Full Field from the Ghanaian government. It added that drilling would commence in 2018.
Meanwhile, the company said it expected to complete a deal in Uganda in the first half of 2018 following approval from the government.
Paul Dade CEO
Paul McDade, chief executive, said: "With financial discipline and efficiency embedded across the Group, and with market conditions showing some early signs of improving, Tullow is well placed to benefit both from targeted investment in our diverse, low-cost portfolio and the opportunities that this point in the cycle presents."
Shares in Tullow Oil rose 1.8% to 203.3p in late morning trade in London.