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Tullow sees key Uganda deal complete
Wednesday, 24th August, 2011
British oil firm Tullow Oil said it expected to conclude a long-awaited deal in Uganda in September as it posted soaring first half profits and doubled its dividend.
Tullow has been waiting since last year to finalise a deal to bring in new partners French oil major Total and Chinese group CNOOC to start a $10 billion oil development project in Uganda.
"While delays to the farm-down to CNOOC and Total have been frustrating, we now expect completion in September," Aidan Heavey chief executive said in a statement on Wednesday as the company reported its first half results.
Tullow, which has assets across Africa and in the North Sea, posted pretax profit of $540 million in the six months to June 30, a 312 percent jump compared to the year earlier period, beating a consensus forecast of $509 million from a company-supplied poll of analysts.
Profits were boosted by a higher oil price and from the company's ramp up in production at its Jubilee field in Ghana.
The company said it planned to double the interim dividend to 4 pence per share to reflect the fundamental change in its finances brought about by bringing Jubilee onstream.
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