An exploration and appraisal campaign targeting 1 Bn boe of new reserves has been outlined by UK independent Tullow Oil, with more than 40 wells planned for drilling this year.

The company detailed its plans in its latest operational update, and also highlighted its ongoing portfolio management efforts, a focus on high value oil and early monetisation, as well as increased production from its deepwater Jubilee field offshore Ghana and proceeds from a farm-down in Uganda.

Aidan Heavey, Chief Executive, said: “We have had significant exploration success in establishing Kenya as a new hydro- carbon province and continued to add to and mature our exploration portfolio. Jubilee production issues were successfully and cost-effectively resolved, and gross production from the field is now around 110,000 b/d of oil.

“Commercial reserves have also increased, benefitting from the submission of the TEN development plan in Ghana. We also significantly strengthened our balance sheet in 2012 by concluding the Uganda farm-down and by refinancing and extending the maturity of our US $3.5 Bn reserves-based lending facility.”

He added that Tullow accelerated a review of its portfolio management process after the farm-down in Uganda, and last year further reshaped its portfolio with entry into five new countries, including highly prospective licences in the North Atlantic through the purchase of Spring Energy. “Our increasing focus on light oil exploration has led to our planned disposal of our Asian and Southern North Sea gas production assets,” he said.