The company also provided a financial update for 2016 along with issuing guidance for 2017. Following the Annual General Meeting on Apr 26, the company plans to appoint Paul Mc Dade as the new CEO replacing Simon Thomson. Operational Update Tullows 2016 oil production in West Africa was well aligned with its guidance averaging 65,000 barrels of oil per day (bopd), including 4 , 600 bopd of production-equivalent payments obtained from Tullows Business Interruption insurance policy for Jublilee field. Gross production from Jubliee amounted to 73,700 bopd and production of gas in Europe amounted to 6,200 boepd, which was also in line with the estimates. about hisFinancial Update Tullow Oil improved its debt and liquidity position with free cash of $1 billion and net debt of $4.8 billion. This was due to efficient capital capex and cost management as well as improved cash inflows. For 2016, the company estimates its total revenue to amount to $1.3 billion with gross profit of $500 million. The revenues included $363 million from the oil and gas hedge program of the company. Estimates and Plans for 2017 West Africa oil production, including production-equivalent payment, is estimated to fall within the range of 78,00085,000 bopd. Total gas output for Europe is expected to be around 6,0007,000 barrels of oil equivalent per day (boepd).
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