Crude prices lift profits at Tullow Oil

By Daily Mail Reporter
Updated:

 

Tullow Oil said profits gushed up 361% in 2010 to £94m driven by the leap in crude prices.

But profits were below forecasts after higher-than-expected exploration write offs and administration costs and shares in the oil exploration company fell 47p to 1413p.

It kept its final dividend flat at 4p.

Tullow is awaiting approval from the Ugandan government to start an oil development there.

It said: 'The elections in Uganda have impacted the timing of a final agreement.'

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