Tullow Oil Share Discussion Threads

[wodahsnoom] 18/1/2012 12:04

Seems a rather loose "non-binding" arrangement really and wouldn't put off a potential predator imho.

[rayrac] 18/1/2012 11:50

Perhaps the takeover premium has disappeared joining up with Shell? That crossed my mind for some reason.

[r4282] 18/1/2012 11:50

Tullow Oil's 2011 Trading Update Fails to Impress

[graham101] 18/1/2012 09:46

Thank goodness the figures were not even better or the share price fall may have been worse.

[magli] 18/1/2012 09:36

Anadarko Petroleum Corp. (APC) said Wednesday that light oil had been discovered at the Ntomme-2A appraisal well in the peepwater Tano Block offshore Ghana, in what it said were excellent-quality sandstone reservoirs.

"Finding a significant light oil accumulation is an excellent result that enhances the value of the Greater Tweneboa, Enyenra and Ntomme complex, as we now estimate oil makes up the majority of the resource in place," said Anadarko Senior Vice President, Worldwide Exploration, Bob Daniels.

The well, under approximately 1,730 meters of water and drilled to a depth of 3,900 meters, had encountered approximately 39 meters of light oil pay, the company said.

Anadarko has an 18% working interest in the Tano Block. Partners include operator Tullow Oil PLC (TLW.LN) with 49.95% and Kosmos Energy Ltd (KOS) with 18%.

The news comes a day after Anadarko said that it had found a significant amount of natural gas at an appraisal well offshore Mozambique, helping confirm the value of previous discoveries in the area.

The Lagosta-2 appraisal well, Anadarko's seventh successful well offshore Mozambique, encountered the "largest pay count of any well" in the area to date, said Daniels.

The discovery reaffirms the company's estimates that Mozambique's Offshore Area 1 could contain 15 trillion to 30 trillion cubic feet of natural gas, the executive said.

-By Simon Hall, Dow Jones Newswires, [phone]; [e-mail]

[obmuj] 18/1/2012 08:41

Drop today caused by Ghana production and sales targets not "as expected" - according to Bloomberg.
This means when Uganda news does come out we might be back to 1450 I guess so a another week or so (Ugandan week that is - Feb, March........!)

[wodahsnoom] 18/1/2012 08:40

Jubliee is a disaster and no more certainty around Uganda - simple really.

[tomgorham12] 18/1/2012 08:10

Expect it will at least partially recover later as more as more long-term views take over.

[nw99] 18/1/2012 08:09

Thks TG valid point that news is the main news putting people off.

[tomgorham12] 18/1/2012 08:06

As I suggested yesterday, I think some had speculatively bought in the run-up on the chance that Uganda news would be announced. No real news on that front today.

[nw99] 18/1/2012 08:03

Just suprised to see it lower with 40 drills in 2012 !

[honiton] 18/1/2012 07:54

compare and contrast the inverse relationship between nos. of postings and share price performance:

NEW and TLW come to mind.

[nw99] 18/1/2012 07:30

Good numbers from Tullow this am and
HIGHLIGHTS
Exploration and Appraisal activities

· 74% exploration and appraisal success ratio in 2011; basin-opening Zaedyus discovery in French Guiana.
· New exploration partnering initiatives being pursued including a frontier exploration partnership with Shell in the Atlantic basin.
· Great progress on appraisal of Tweneboa-Enyenra-Ntomme (TEN) in Ghana; Ntomme-2A successfully encountered light oil in excellent quality sandstone reservoirs reinforcing the TEN resource base.
· Appraisal activities in Uganda in EA-1 have provided further valuable data; seismic campaign completed; important licence extensions received.
· Surveys in Kenya and Ethiopia completed; Ngamia-1 well in Kenya due to spud imminently.
· High-impact E&A programme consisting of approximately 40 wells planned for 2012.
Development and Operations activities

· Group working interest production averaged 78,200 boepd in 2011; production in 2012 is forecast to average between 78,000 and 86,000 boepd with an exit rate of over 90,000 boped expected.
· Gross Jubilee production is currently over 70,000 bopd and following a number of remedial activities is expected to average 70,000 to 90,000 bopd in 2012.
· Jubilee Phase 1A development plan now approved with drilling scheduled to commence in March 2012.
· TEN development Front End Engineering and Design (FEED) work is progressing in parallel with appraisal. Plan of Development to be submitted Q3 2012 with first oil expected c.30 months after approval.
· Tullow is finalising arrangements with the Ugandan Government to complete the $2.9 billion farmdown and commence basin development.
Group financials

· Record 2011 financial results expected; 2011 sales revenue of $2.3 billion forecast, over double 2010.
· 2011 full year capital expenditure of $1.4 billion.
· Forecast 2012 capital expenditure of $2.0 billion.
· Net debt at 31 December 2011 was approximately $2.8 billion.

COMMENTING TODAY, AIDAN HEAVEY, CHIEF EXECUTIVE SAID:
"Record revenues and cash flows from increased production and strong commodity prices combined with industry-leading exploration success underpin another very good year for Tullow in 2011. In 2012 we expect significant progress in Ghana and Uganda as we move forward with Jubilee well remediation and Phase 1A, TEN and the Lake Albert developments. We have an exciting exploration programme to open new basins, both onshore and offshore, and we hope to extend our reach in Africa and elsewhere along the Atlantic Margins with major new partnerships. There is much to look forward to in the year ahead."

[broadwood] 18/1/2012 07:18

Good news all round.

[85gary] 17/1/2012 15:32

I actually read it all. Bit lengthy, but interested me.

[eipgam] 17/1/2012 12:27

ah... poss, but I am assuming that the market has started to ignore the share price discount that was attributed to UG situation. Therefore, only a deterioation in UG will take us back down again. And anything else will cement the rise.

IMO

[tomgorham12] 17/1/2012 12:17

The only other short-term cloud I can think of, at least in respect of the share price, is its strength over the past month. With a 10%+ rise in the last 30 days I assume that some good news is already in the price.

[eipgam] 17/1/2012 11:21

ath is 1508... as I trype, we are 3.5% below that. We can expect increased production in West Africa, more good news in S America, resolution in UG, a serious wedge of cash to be deposited in the bank, possible continued share buying by China and other M&A chatter, maybe even an increased divi this year?... all imo, natch... The only real possible cloud I can see is continued belligerance from UG.

Famous last words?

[85gary] 17/1/2012 09:47

I hope you are right eipgam. Not much direct from Tullow of late so maybe a few good things in the trading statement?

Going back to an earlier comment about Total's possible interest in Tullow. If Uganda is sorted then I can easily see it in Total's interest to look to exporting through Uganda (for S Sudan oil), so maybe this warrants a bit of thought?

[eipgam] 17/1/2012 09:40

ATH on it's way, if I am not mistaken. Only a few short months after languishing in the £9s...

[85gary] 16/1/2012 14:30

Production optimism, no doubt in part due due to the expected move away from Iranian supply?



A decision by companies operating in Ghana's Jubilee oil field, including U.K.-based Tullow Oil Plc, to purchase the previously leased floating production, storage and offloading vessel used at the site, "points to some optimism with regards to their perceived ability to source ready markets for the country's oil exports," according to Kafe and Masia. "This has led us to temper our pessimism with regards to oil export volumes," they said.

The vessel was bought from Modec Inc., Thomas Manu, an official at the state-owned Ghana National Petroleum Corp., which also holds a stake in the Jubilee site, said by phone Jan. 6. Daily oil output is expected to rise to 120,000 barrels "between February and May" from the rate of 85,000 barrels at the end of 2011, according to Morgan Stanley.

[eipgam] 15/1/2012 12:06

trading statement on Wed...