LONDON (MarketWatch) -- Tullow Oil (UK:TLW 1,096, 0.00, 0.00%) said Wednesday that first-half net profit fell 83% to 21.4 million pounds. Sales dropped 23% to 291.3 million pounds. Tullow Oil said that the results are in line with market expectations and reflect a 16% decrease in production following the decision to primarily focus 2009 capital investment in Ghana and Uganda and a 25% reduction in average price realisations. "With continued strong progress with our major projects and further expansion of our exploration portfolio, Tullow is well positioned for significant production growth from 2010 and beyond," said CEO Aidan Heavey.
