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Tullow posts huge profit increase for 2011

Oilfield Technology,

The UK company Tullow has recorded a net profit of US$ 689 million for 2011. This is huge 670% increase on the figure for 2010, which came in at US$ 90 million. The dramatic rise in profit has been attributed to an equally dramatic increase in sales revenues with a 2011 figure of US$ 2.304 billion, a 111% increase on 2010’s US$ 1.09 billion.

As a result of the increase in profits, full year dividends for the company will come in at £0.12 per share, double the value of the previous year.

A statement released by the company said, “In 2012, we expect significant progress in Ghana and Uganda and we have an exciting high-impact exploration and appraisal programme with wells planned in French Guiana, Cote D’Ivoire, Ghana, Kenya, Sierra Leone and Uganda. We are well positioned to continue to deliver significant growth in shareholder value over the coming years.”

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