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Date: Wednesday 27 Aug 2008

LONDON (ShareCast) - Oil explorer Tullow Oil said first half pre-tax profit surged to £187.3m from £66.6m, boosted by higher oil prices.

Tullow increased oil and gas extraction by 1% to 70,600 barrels of oil equivalent a day. Operating profit nearly doubled to £201m while revenue rose 33% to £378m.

"While recent production from our UK Gas business has been slightly behind expectations, a number of development activities have the potential to increase production levels" the group said in a company statement.

Overall production for 2008 is now expected to be within the range 68-70,000 boepd.

Tullow added that progress towards first oil from both the Jubilee field in Ghana and the EPS in Uganda has been made. Phase 1 of the Jubilee development was on track for first oil in the second half of 2010.

In a separate statement Tullow announced that Ian Springett has been appointed the group's new chief financial officer.


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