OREANDA-NEWS. Tullow Oil plc (Tullow) issues the following Interim Management Statement, for the period 1 July to 12 November 2014. The Group will announce its full year Trading Statement and Operational Update on 15 January 2015. Full year results will be announced on 11 February 2015.

Commenting, Aidan Heavey, Chief Executive Officer said:

"In light of current oil and gas sector challenges including the commodity price environment, we are reviewing our capital expenditure and our cost base to ensure that Tullow is well-positioned for future success. In 2015, we will be focusing our capital spend on producing and development assets, particularly in West Africa where, by 2017, the Group expects to be producing, net to Tullow, over 100,000 bpd of high quality, high margin oil. Our overall exploration spend will be significantly reduced and will focus primarily on East Africa where we have major basin-opening potential. Tullow remains exploration-led and will continue to add further high quality frontier acreage so that, as conditions allow, we can return to drilling the types of prospects that have given us the development portfolio we have today."