LONDON (dpa-AFX) - Tullow Oil Plc (TLW.L, TUWOY) reported Wednesday that its
fiscal 2023 profit before tax plunged to $96 million from last year's $442
million.

On an after tax basis, the company reported a loss of $109.6 million, compared
to prior year's profit of $49.1 million. Loss per share was 7.6 cents, compared
to profit of 3.3 cents a year ago.

The latest results reflected impairments and write-offs totalling $435 million,
up from last year's $391 million.

Adjusted EBITDAX fell to $1.15 billion from $1.47 billion a year ago.

Revenue also declined to $1.63 billion from prior year's $1.78 billion, driven
by around 12 percent lower realised post-hedge oil price.

Group working interest oil and gas production grew to 62.7 kboepd from 61.1
kboepd last year.

Further, the Irish oil and gas company maintained its fiscal 2024 outlook, which
was issued in late January, expecting group working interest production to
average between 62 to 68 kboepd, including around 7 kboepd of gas.

The company also announced sale and exit of Guyana business, in line with
strategy to focus portfolio on high-return assets in Africa.

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