Tullow Oil plc (Tullow) issues statement to summarise recent operational activities and to provide trading guidance in respect of the financial year ended 31 December 2014. This is in advance of the Group's Full Year Results, which are scheduled for release on Wednesday 11 February 2015. The information contained herein has not been audited and may be subject to further review.
Commenting today, Aidan Heavey, Chief Executive, said, "Tullow has already taken steps to strengthen the business to adapt to current market conditions. This work will continue during 2015 to ensure the Group is in a position to benefit when conditions improve. In late 2014, we materially reduced our 2015 exploration capital expenditure and today announce a further cut to this expenditure to $200 million. We continue to carry out a review of the business to streamline processes and improve efficiencies which will result in significant long-term cost savings.