Tullow Oil Share Discussion Threads

[85gary] 03/2/2012 15:17

Great news........I know I'm a bit slow to pick up on this, but I'm pleased to learn scene is set for some further good news release going into next week.

[eipgam] 03/2/2012 13:39

If there are good employment figures from US today, we may even see a new ATH today IMO... or very soon anyway.

2nd UPDATE: Tullow Finally Reaches Uganda Accord, Enabling Total-Cnooc Deal

[niceyman1] 03/2/2012 13:31

We should see a decent rise into close { completion over weekend / monday}!

[eipgam] 03/2/2012 12:35

I think it will drift up over the next few days.

Next RNS will be the 2bln from Total/CNOOC in the bank...

[ringer12] 03/2/2012 12:14

It seems the rise over the last few days was anticipating this news hence the muted rise today. However any rise is most welcome!

[billytkid2] 03/2/2012 12:06

Price objective?

[bushwhacker] 03/2/2012 11:51

PO? could be partner organisation or Production Offset. have not seen the context. The gloss of this news today wore off rather fast!!

[eipgam] 03/2/2012 11:41

Yeah... I meant what does PO mean? I have seen NAV before but not PO. Sorry to be thick

[billytkid2] 03/2/2012 11:37

£20.05

[eipgam] 03/2/2012 11:08

by the way... what is the PO that Merrills refer to

[eipgam] 03/2/2012 10:53

So, not only did the EA press get this wrong.... but so did DJN.

To £18 and beyond.... some more good news from Zaedyus etc and that'll be it.

Well done TLW. PS Thanks Billy

[billytkid2] 03/2/2012 10:46

Merrills:

Uganda saga comes to an end
After a number of backwards and forwards Tullow has finally been awarded the
three production licences (Kaniwataba – block 1, EA – block 2 and Kingfisher –
block 3) from the Ugandan government. This also allows the company to go
ahead with the farm-down of two thirds of the blocks to CNOOC and Total for a
total of US$2.9bn. Importantly, we believe that the new terms include a fiscal
stabilisation clause – something that TLW and its partners saw as critical to any
agreement - and also provide the basis for building the required pipeline as well
as an appropriately sized refinery (ie, well below the 200kb/d refinery that the
government was reportedly pushing for). We see the terms as reasonable and
should allow for an attractive return on the overall project.
Funding concerns off the table
Crucially, closing the Uganda deal is key to bring extra flexibility to the balance
sheet, particularly as TLW has embarked on a US$2bn capex programme this
year. Concerns over TLW funding position now prove completely overstated and
we believe that this news should allow the market to focus on the strong
fundamentals that the company offers.
Focus on exploration and prod growth potential
We believe that the development of the Tweneboa/Enyenra (TEN) complex along
with new phases of the Jubilee field and Uganda could easily double TLW's
production over the next five years. With French Guiana as a third pole, we could
see this growth further sustained through 2020. On the exploration front, the next
stop is results from the long awaited Jupiter well in Sierra Leona. With a number
of high impact wells through year end (French Guiana, Kenya, Cote d'Ivoire) we
believe that the exploration newsflow will be supportive to the story.
Attractive valuation - BUY
TLW trades at a c30% discount to our 2,005p PO/NAV. We see this as a very
attractive valuation, given the quality and growth potential of the company. We
retain our BUY rating and our PO on the stock.

[zingaro] 03/2/2012 09:06

Well thats it finally


03 February 2012

News Release

Government of Uganda and Tullow sign Production Sharing Agreements

2 February 2012 - Tullow Oil plc (Tullow) is pleased to announce that it has signed two new Production Sharing Agreements (PSAs) with the Government of Uganda. The new PSAs cover the EA-1 and Kanywataba licences in the Lake Albert Rift Basin. Tullow has also been awarded the Kingfisher production licence.

As a result of this signing, Tullow will now finalise arrangements with CNOOC and Total for completion of the farm-down and the related transfer of monies as soon as possible.

Aidan Heavey, Chief Executive Officer of Tullow, commented today:

"Today's signing is a vital step towards the development of the Lake Albert Rift Basin and the oil and gas industry in Uganda and East Africa. I look forward to working in partnership with the Government of Uganda and CNOOC and Total as we progress this world-class asset."

[eipgam] 02/2/2012 14:35

new brokers... BArclays and morgan Stanley. I wonder why?

[oilretire] 02/2/2012 07:44

Shell confirmed as Operator for FG



'Shell's application for its working interest in the French Guiana
deepwater block was approved by the French government and Shell assumed
operatorship on February 1, 2012. Shell increased its working interest in this
acreage from 33% to 45%.'

[eipgam] 01/2/2012 18:02

poss Gary... but I think if the market thought that the sh*t was going to hit the fan in UG, then an OP of $200 per barrel wouldn't help us here. A bit glib of me, but you know what I mean.

And I would expect that the major shareholders are getting calming briefings or they would be starting to get out as well...

PS that must be the most obscure website ever! Global Tax News??? eh???

[85gary] 01/2/2012 17:38

Maybe tracking oil price rise eipgam?

I have every faith in management in doing their best to reach an agreement, it is just UG that worries me.

I suspect it may be Total asking about export line?

[eipgam] 01/2/2012 16:33

the share price is showing faith in the management, despite what it says in that recent DJN report.

[flyingbull] 31/1/2012 08:05

Fancy a challenge and put your reputation on the line in this Monthly Oil Stock Competition!!??


rgds,
fb

[mccracken227] 28/1/2012 10:36

ringer this pantomime has been going on since mid 2009

[ringer12] 27/1/2012 23:58

AH well...It will "soon" be January 2013 or should that be "Shortly"
As this pantomime has now been going on for over a year it would appear that TLW is out of pocket to the tune of say $120 million alone based on the fact
the $2.9 billion which should have been been received a year ago is actually a depreciatig asset whilst Total and CNOOC will have bought their share at last years prices.In fact Total and Cnooc may not be unduly concerned at even more delay since they have not had to pay anything so far.

[ben chod] 27/1/2012 18:20

Lake Albert Basin shares many geological similarities with our Kenyan assets. The Ngamia prospect could be a play opener for another great success in the region.

The well is located in the Lokichar basin, where live oil was encountered through Loperot-1 which was drilled in 1992 and 29 degree API crude recovered from Miocene sandstones.