DAVY VIEW

Tullow’s interim results were well guided by the group in its trading update (June 26th) and so contain no financial surprises. Other than a small, but prudent, re-set of the full year production expectation, there has also been little change in its operational status over the month. This is largely to be expected. This means that a completion of the farm-down of its interests in Uganda still has to be completed; however, to this end, Tullow and its partners continue to target the development project FID by year-end. The next few months will be crucial for this project. Apart from this, shareholder focus will likely be on the result of the first well offshore Guyana, due in the first half of August.