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Tullow’s shrugs off disappointing drilling results

Balancing act for the London-listed player, as it shrugs off disappointing drilling results, saying it remains committed to exploration-led growth

Tullow Oil may have been forced into writing off about $670 million last year, mostly due to dry wells, but it has no intention of changing its exploration-led strategy, chief executive Aidan Heavey says. On 13 February, the London-listed independent reported a 4% rise in pretax profit to $1.116 billion largely on the back of a farm down of two-thirds of its interests in Uganda to China National Offshore Oil Corporation and Total for about $2.9bn. Heavey said: “2012 was a year of major progress. We enhanced the business with a basin-opening oil discovery in Kenya by adding prospective new licences in Africa and the Atlantic Margins, refinancing debt, and partially monetising our Ugandan ass

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