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Tullow revenues hit by North Sea cuts
08.07.09
Lower oil prices and a declining interest in the North Sea where it has cut production by a third, has seen revenues at Tullow Oil fall 23% to £290 million in the first half of 2009.
In a trading statement today it promised exciting news later this year from appraisal wells in Ghana and Uganda. Tullow will spend £700 million this year. It has debt of £435 million and access to a further £470 million.
