LONDON (dpa-AFX) - Tullow Oil Plc (TLW.L), a British oil and gas explorer,
said on Wednesday that it now expects its annual net oil production to decline
below its previous outlook.

For the full year, the company now expects net oil output to be marginally below
the guidance of 58-60 kbopd, primarily due to Jubilee South East schedule delays
and reduced water injection, which is being resolved with higher water injection
rates anticipated by year end.

The production from the TEN fields and the non-operated portfolio continues
broadly in line with expectations.

The full-year net gas production remains at around 7kboepd.

Tullow Oil noted that it is on track to deliver around $800 million of free cash
flow from 2023 to 2025 at $80/bbl, supported by a strong production outlook with
Jubilee production expected to be maintained at around 100 kbopd gross.

However, capital expenditure is expected to reduce to approximately $370 million
from $400 million, for the full-year due to deferrals and cost reductions.



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