HIGHLIGHTS
Revenues and gross profit for the period in line with expectations; exploration write-offs and a loss relating to the Uganda farm-down result in a loss after tax; interim dividend remains unchanged at 4p
Balance sheet well funded following second $650 million bond offer and $750 million re-financing of corporate revolving credit facility; net debt and unutilised debt capacity at period end of $2.8 billion and $2.3 billion respectively
West African oil production averaged 63,900 boepd in the first half; strong underlying performance from core assets offset by non-booking of c.3,000 boepd due to ongoing licence negotiations in Gabon. Full year guidance for the region remains 64-68,000 boepd. In Ghana, the Jubilee field is on target to average full year gross production of 100,000 bopd
European gas production averaged 14,500 boepd in the first half, below expectations due to underperformance at Schooner-11. Full year guidance for the region revised to 13-14,000 boepd. Sale agreed for Schooner and Ketch in the UK Southern North Sea to Faroe Petroleum (U.K.) Limited for a total consideration of $75.6 million
Good progress in major West and East Africa developments; TEN project in Ghana 30% complete, on budget and on track for First Oil in mid-2016; important MoU signed with Government of Uganda; Government of Kenya and the Partners are aligned in their ambition to reach project FID for development by the end of 2015/early 2016
Exploration in Kenya continues with wildcat successes at Amosing-1 and Ewoi-1 supporting the Pmean discovered resource estimate of 600 mmbo; E&A campaign continues in the second half and into 2015 with basin and play testing campaigns in Kenya, Norway, Suriname and Gabon
