By Adriano Marchese

 

Shares in Tullow Oil PLC (TLW.LN) fell in early trade Wednesday after the company said that average group oil production is expected to be below guidance for the full year, blaming its Ghana production performance.

At 0821 GMT, shares were down 38.90 pence, or 19%, at 167.0 pence.

The energy company said that it expects average oil production for the group to be around 87,000 barrels of oil per day, a figure which includes production-equivalent insurance payments.

The company forecasts full-year free-cash flow of around $350 million, which it said has been adversely affected by lower production and lower oil prices for much of the second half of the year.

Tullow Oil said capital expenditure for the year is expected to be approximately $540 million, with net debt at the end of 2019 expected to be around $2.8 billion.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

November 13, 2019 03:40 ET (08:40 GMT)

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