Tullow Oil Share Discussion Threads

[cricklewood] 01/7/2016 10:08

Well, they are not getting mine on the cheap.

[peterlowen] 01/7/2016 07:25

Latest broker views


Date

Broker

New target

Recomm.


1 Jul Credit Suisse 370.00 Outperform
1 Jul Deutsche Bank 270.00 Hold

[oilretire] 30/6/2016 16:47

Exploration in South America continues to be an area of strong interest for Tullow and other industry partners. Tullow's substantial acreage position in the Guyana basin was further strengthened with the award of the Orinduik licence, immediately up-dip of the significant Liza-1 oil discovery made by Exxon in 2015. A 3D seismic survey is planned on both the Kanuku and Orinduik licences.


That was from earlier post on TLW new ventures. Note they point out Orinduik licence, immediately up-dip of the significant Liza-1 oil discovery made by Exxon in 2015


Just by co-incidence, Exxon have done it again! Significant enough for them to put out a news release :-)



.......that drilling results from the Liza-2 well, the second exploration well in the Stabroek block offshore Guyana, confirm a world-class discovery with a recoverable resource of between 800 million and 1.4 billion oil-equivalent barrels.

“We are excited by the results of a production test of the Liza-2 well, which confirms the presence of high-quality oil from the same high-porosity sandstone reservoirs that we saw in the Liza-1 well completed in 2015.........

[billionaire1] 30/6/2016 11:47

forgive my ignorance oldvic but what does in auction mean (good news?)
from an ignorant shareholder

[oldvic] 30/6/2016 11:36

this has been in auction all morning ?

[oilretire] 30/6/2016 09:27

Yip, don't like it either but they are managing it successfully for now. I note as part of the debt management strategy they have restarted the hedging program.

...ensuring a percentage of production entitlement volumes are hedged on a three-year look forward basis. Having temporarily suspended the execution of this strategy in the fourth quarter 2015, it was resumed in April 2016.

Futures...

[ifthecapfits] 30/6/2016 08:05

All looks good to me. To what extent is TEN in the share price one wonders. Still don't like the high Debt.

[oilretire] 30/6/2016 08:00

Some interesting stuff being lined up for when POO recovers..........

NEW VENTURES

Tullow has continued to actively manage its New Ventures portfolio in the first half of 2016 through both licence acquisitions and farm downs of existing acreage to manage exposure to exploration costs.

In June, Tullow extended its East African rift play acreage through the award of Petroleum Exploration Licence 28, onshore Zambia. The 55,000 sq km block builds on Tullow's existing low-cost, core East African Tertiary rift basins, giving the Group access to three further unexplored basins. Within the first two years of the licence, Tullow plans to complete initial geological studies, acquire an FTG survey and collect passive seismic data. If the results are positive the Group will then carry out the acquisition of 2D Seismic over the block.

Exploration in South America continues to be an area of strong interest for Tullow and other industry partners. Tullow's substantial acreage position in the Guyana basin was further strengthened with the award of the Orinduik licence, immediately up-dip of the significant Liza-1 oil discovery made by Exxon in 2015. A 3D seismic survey is planned on both the Kanuku and Orinduik licences.

In September 2016, Tullow plans to commence a drop core geochemical survey in Suriname to sample the seabed in Blocks 47 and 54 to test shallow hydrocarbon indicators. Results of the 3D survey completed in the first half of the year over Block 54 indicate a number of highly attractive leads and prospects, in particular the Araku prospect, which has encouraging amplitudes conforming to a large structure.

In February 2016, Tullow farmed down a 35% working interest in Block 15 in Uruguay to Statoil, with Government approval received at the end of May. The Partners have agreed a one-year extension with the Government on the Block in order to acquire 2,500 sq km of new 3D seismic and this activity will commence in late 2016. The interpretation of this is expected to add to the number of leads already identified in a 3D survey undertaken by Tullow in 2013. Leads in the under-explored Pelotas Basin, in the north-eastern part of Block 15, are particularly well located for potential oil charge.

Drilling continued in Norway in the first half of 2016. The Wisting Central 2 long reach horizontal well in the Barents Sea was completed in early April successfully exploring and appraising the Wisting South & Wisting West segments of the field. The well encountered an oil column of 22 metres in a 1,402 metres horizontal section with 1,250 metres of net light oil pay. A constrained production test was carried out with a flow rate of approximately 5,000 bopd demonstrating excellent reservoir properties and valuable development potential. The well results are expected to provide an increase of in-place volumes. Tullow was recently awarded one licence north of Wisting in the 23rd licensing round, adding to the Group's acreage in this very prospective area.

The next operated well in Norway at the Rome prospect in PL776, commenced drilling on 23 June with the Borgland Dolphin rig. A result from this well is expected in July. Non-operated wells planned for the second half of 2016 in Norway include the Cara well in PL636 and the Rovarkula well in PL626, which are both due to spud in July with results likely in August.

Notwithstanding a lower exploration budget, Tullow continues to successfully replenish and high-grade its exploration portfolio, giving the Group significant drilling prospects for the future.

[kevjones2] 30/6/2016 07:56

Positive articles in Irish Times and Independent. Regardless, the markets will do what they see fit.

[oilretire] 30/6/2016 07:49

Some interruptions to Jubilee production over the next two years, increased Opex & Capex to resolve the turret issue, however..........

Tullow has a comprehensive package of insurances in place. This includes Hull and Machinery insurance, procured on behalf of the Joint Venture, which covers relevant operating and capital costs associated with damage to the FPSO, and Business Interruption insurance for Tullow which covers consequent loss of production and revenue. Claims under both policies have been notified to our insurers

[oilretire] 30/6/2016 07:39

Headlines, about to digest the rest..........


TEN project remains on schedule; First oil expected within the next three to six weeks;

Jubilee production c.90,000 bopd in June; Preferred long-term Jubilee FPSO solution established;

Kenya exploration and appraisal programme to recommence in fourth quarter 2016

[mcsean2164] 27/6/2016 19:52

hammered today.... but

Investors piled into Tullow Oil (TLW) ahead of April's last update. A Brexit vote makes a similar trend unlikely this time, although there should be plenty for stock watchers to get their teeth into. Ahead of first-half results next month, look for news on operational news flow at the Jubilee field, offshore Ghana. Expect more on the TEN fields, also in Ghana, and plans to restart drilling in Kenya.

"As a US dollar-denominated business with very limited operational activity within the EU, the outcome of the Britain’s EU membership referendum cannot materially impact Tullow," says Barclays analyst James Hosie.

"However, sustained sterling weakness against the dollar would be positive for our p/share sum-of-the-parts valuation: revising our USD/GBP assumption from $1.50/£ to the spot rate of ~$1.41/£ would increase our tangible net asset value by 6% to 324p/share."

[billy_buffin] 25/6/2016 09:44

TLW is paid in USD so due GBP fall against USD we now paid at a premium

[mcsean2164] 24/6/2016 21:49

Might have been a good opportunity for Odey to take profit but no....

hxxp://shorttracker.co.uk/company/GB0001500809/all

What does he know that we don't? V. strange...

[jovi1] 24/6/2016 17:41

Azalea
out vote will potentially affect consumption as given the currency valuation 500 mill people will need pay 10% more for oil.

[kevjones2] 24/6/2016 13:36

Yeh. I think it's more to do with sentiment. Anyway, just looking around the boards it seems the companies that were already in trouble stayed around this morning's serious lows, others rowed back to be 'just' down.

[azalea] 24/6/2016 10:18

KJ
The 'OUT" vote is not going to change global consumption of oil, the TLW fall is excessive.

[kevjones2] 24/6/2016 08:45

Jeez, that's some recovery all the same.