United Kingdom based Tullow oil plc has announced a change in the currency in which it presents its results from Pound Sterling to the US dollar.
The company in a statement on Tuesday said the change takes effect from January 1st 2010. Tullow says since the majority of Tullow’s activities are in Africa where oil revenues and costs are dollar denominated, they found it fitting to change from sterling to Dollar.
The announcement came as Tullow presented its group income and cash flow statement for the year ended 31st December 2009.
Due to the change, The financial information as reported in the Group’s Annual Report and Accounts and interim results for the years ended 31 December 2009 and 31 December 2008 and the six months ended 30 June 2009 has been restated from Pounds Sterling into US Dollars.
Tullow is currently prospecting for oil in Africa with huge oil finds Mahogany in Ghana and Uganda’s Albertine Graben where they are the leading oil prospecting company as Uganda prepares to start oil production.
Download the full Change in presentational currency statement (PDF 0.33MB):
Download the 2009 USD comparatives (XLS 0.03MB)
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