Operating profit £300 million (+59%)
Profit before tax 299 (+162%)
Basic earnings per share £0.309 (+335%)
Production 66,600 Boepd (-9%)
Balance sheet
Assets
Current £498.4 million
Total £2,932.2 million
Liabilities
Current £646.0 million
Total £1,309.1 million
Equity £1,309.1 million
Reserves
"Exceptional exploration and appraisal success with 17 discoveries from 22 wells led to a 274 million barrel increase in our reserves and resources. This resulted in a revised total of 825 million barrels of reserves and resources at year-end. Our reserves replacement ratio was 582%, averaging over 200% per annum for the last three years. Through our exploration and appraisal strategy we are realising the true potential of our portfolio and as we continue to execute successful drilling campaigns, we expect to further enhance and replenish our reserves and resources base over the coming years."
Outlook
"Given the current economic climate these will be challenging times for the oil and gas sector but Tullow is well positioned following an outstanding year in 2008. For 2009, the Group is focused on progressing Phase 1 of the Jubilee project in Ghana, fast tracking the commercialisation of Ugandan reserves and executing selective high-impact exploration and appraisal campaigns. The Group is in a very strong position, from an operational and financial perspective, to deliver these exciting and transformational projects as we move into our next phase of growth."
The report can found here
P/E 25.5, P/B 4.9
Tullow is a very interesting company, but it seems very expensive at the moment. However Tullow's discoveries in Uganda and Ghana are very promising and are likely to deliver several hundred million barrels worth of reserve additions.
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