(Corrects to show the loss was bigger than analysts had
LONDON Feb 8 Africa-focused Tullow Oil
reported a loss for a third consecutive year in 2016 after it
was forced to write off further exploration costs, the company
said on Wednesday.
The oil and gas producer reported a full-year operating loss
of $754.7 million, down from a loss of $1.09 billion in 2015 but
bigger than analyst estimates for a $639.4 million loss, mainly
due to gross exploration write offs of $723 million.
Sales revenue fell around 20 percent to $1.27 billion
despite its TEN oilfields offshore Ghana coming on stream, as
weak oil prices ate into the value of its sales.
(Reporting by Karolin Schaps, editing by Louise Heavens)