Tullow Oil says production is tracking ahead of guidance

Tullow Oil PLC (LSE:TLW) told investors that production in the first five months of 2026 is tracking ahead of its stated guidance range, helped by strong performance from its Ghana operations and continued high uptime across its key offshore facilities.

The company reported group working interest production of 43.1 kboepd from January to May, including 7.3 kboepd of gas, supporting expectations that full-year output will land at the higher end of its previously announced 34-42 kboepd range.

Tullow said its 2026 drilling schedule remains unchanged. The third of six Jubilee wells, J76-P, is expected to come onstream this week, with logging results supporting expectations for a strong production well. Two further producer wells, J77-P and J50-P, are expected onstream in June and July, followed by a water injection well in September.

Facility uptime across the Jubilee and TEN FPSOs averaged more than 99% between January and May, while the Greater Jubilee Plan of Further Development has been approved by Ghana’s energy minister. The approval supports further drilling of up to 20 wells at Jubilee after the current campaign.

Free cash flow guidance remains US$70 million to US$175 million at US$70–100 per barrel oil, rising to US$110 million to US$230 million if an additional cargo is delivered in December.

Tullow said average pre-hedge realisations for five cargos from January to May were around US$96 per barrel, with the May Jubilee cargo achieving US$119 per barrel.