Tullow announces one-off cost-saving charge, performing in line

LONDON, April 30 (Reuters) - Africa-focused oil and gas explorer Tullow Oil (LSE: TLW.L - news) said it would incur a one-off $45 million charge related to its cost-saving programme in light of weak oil prices but said the business was performing in line with expectations.

The London-listed firm, which reported its first loss in 15 years in 2014 as low prices forced it to write off some of its assets, reported first-quarter production from its West African and European fields as predicted at 65,800 barrels of oil equivalent per day (boepd) and 9,000 boepd, respectively.

Revenue and cost of sales were also in line with expectations and net debt stood at around $3.5 billion on April 24, Tullow said.

The oil price squeeze also forced Tullow to scrap its 2014 dividend payment, one of the few oil firms to sacrifice shareholder payouts due to fallen profits.

This week, shares in Tullow reached a five-month high after a favourable ruling by an international maritime tribunal that allowed it to continue development of its TEN oil field off the coast of Ghana. (Reporting by Karolin Schaps; editing by Jason Neely)