June 26, 2019 / 6:11 AM / 2 months ago

Tullow Oil delays Kenya project decision, Uganda deal pending

LONDON, June 26 (Reuters) - Britain’s Tullow Oil has delayed the final investment decision (FID) for its Kenya project to 2020 and has not yet sealed a tax deal in Uganda that is vital for the progress of its plans there with Total , it said on Wednesday.

The company had previously aimed to give the final go-ahead by the end of 2019 for its onshore Kenyan oilfields, which are expected to produce up to 100,000 barrels per day.

Tullow said in a trading statement that it expected its first-half gross profit to be $500 million, yielding pre-dividend free cash flow of about $100 million that would rise to $450 million for the full year, excluding $200 million due to be paid on closure of the Uganda deal.

Reporting by Shadia Nasralla; Editing by Edmund Blair

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