Tullow Oil Share Discussion Threads

[togglebrush] 08/5/2012 07:13

RNS confirms news - Ngamia-1 well in Kenya Rift Basin discovers further oil

[ben chod] 08/5/2012 05:21

targetdepth not reachedyet so could be more exactly how big is this field

Martin Mbogo, Tullow Kenya country manager, told a news conference the company expected to reach the well's targeted 2,700 metres in the next four to five weeks.

[strollingmolby] 07/5/2012 22:14

Would be lovely to see such a breakout, but don't forget the impact of the events in France and Greece this w/e. Markets will probably be marked down first thing...

[bogotatrader] 07/5/2012 22:02

nice 100p-120p breakout tomorrow would be great......

[mike740] 07/5/2012 21:49

Base of a symetrical triangle. hoping we breakout the right way gents.

[eipgam] 07/5/2012 21:45

as good a guess as mine

[bogotatrader] 07/5/2012 21:43

Olivert....yes, there was 100k after hours buy on thursday at 1520p there were also tree other large block trade buys at just below 1500p...

My guess is that stock was oversold from 1520p-1530p level on friday afternoon on back of market falls following release of US job stats....if you say 1525p is correct level of tullow prior to 10BB block rns news which adds 5% from that level then we have about 1600p at some point tomorrow...all imho.....

[olivert] 07/5/2012 21:39

Did someone buy 100,000 shares at £15.20 at 16.48 on Friday 4th May?

How did they know?

GLA Long termers
Olivert

[tomgorham12] 07/5/2012 21:26

No five per cent is around 80p, which would take us back to around £15.50.

[bogotatrader] 07/5/2012 21:09

5% is 75p up so taking the stock to thursdays level of 1550p....

[eipgam] 07/5/2012 20:50

I suspect not as much as it has added to the AOI mcap. My guess is around 5% but it could be more to reflect the drifting of the last few days. Could also be more as this is further proof of TLW incredible strike rate... 80% this year so far. 74% is the worst s.r. of the last 3 years (

AOI increase = CAD 550m = £341m....

So maybe not even 5%?

But, I haven't really got much of an idea....

[cashandcard] 07/5/2012 20:38

BogotaTrader,

Not sure, but just posted this on AOI for a comparison of Net Pay in Mahogny-1 Jubilee discovery well:

"In excess of 100m NET PAY so far at Ngamia......


Just to compare with net payzone with Mahogny-1 (first Jubilee discovery well):

18/07/2007: "The well, which is drilling in water depths of 1,320m, has been drilled to a depth of 3,683m and has to date, encountered a gross hydrocarbon column of 270m with 95m of net stacked pay"

Tullow need to come out and give an idea of just what ball-park the resources should be after these discoveries.

Cash

[bogotatrader] 07/5/2012 20:29

Any guesses for how much Kenyan Block 10BB 100m payzone will add to Tullow price tomorrow?

[eipgam] 07/5/2012 20:24

Cheers BogTra... so it's unlikely to be drilling news... they say no results until after drilling is completed circa mid Aug 2012

So could be corprate activity of some kind... not going to guess, could be anything.

[bogotatrader] 07/5/2012 20:11

Georgetown (25%) owned by CGX and Tullow have 30%
The Georgetown license comprises 1.7 million acres. The partners to the Georgetown license include Repsol Exploración S.A. (15% and operator), YPF Guyana Limited (30%), Tullow Guyana BV (30%) and CGX Resources (25%). The Licence is subject to a Confidentiality Agreement with Repsol, but the term, work program and fiscal regime is similar to our Corentyne Licence.
After undertaking a 1,839 sq km 3D seismic program in late 2008 / early 2009, the Jaguar-1 well location was chosen. Repsol has contracted the Atwood Beacon jack-up drill rig to drill the Jaguar-1 well which is planned to a total depth of 6,500 metres to test the Turonian geologic zone. The Jaguar-1 well commenced drilling on February 9, 2012. Drilling is anticipated to take 180 days and the partners will announce results when drilling has been completed.

[eipgam] 07/5/2012 19:55

CGX holders (yoo-hoo Gary!)... did you see this? I wonder if we have news coming from South America as well?

IIROC Trading Halt - OYL

[bogotatrader] 07/5/2012 19:13

#16 plus opening would be nice and edging up towards 18 pound level as we get further oil hits from 10BB would be great......

[sanks] 07/5/2012 18:11

keya..i just released me financial tension..can't you tell by the time i posted on bb!

I'm now ready for tomorrow...can't see why yjese should not touch £18 tomorrow.
Let mek now if my ramps are helping

Sanks


keya5000
7 May'12 - 07:39 - 17172 of 17180

sanks I thought you would have other activities at 01:24 to concentrate on, Shelia got the painters in???

[eipgam] 07/5/2012 16:04

And a new licence.... offshore Uruguay

[bogotatrader] 07/5/2012 15:05

Will be a nice rise on Tullow tomorrow....100m payzone and still not at target depth......

[eipgam] 07/5/2012 14:26

Someone needs to say thanksalot for us warning him about this... Kinda hope he is still in though, don't owe him any favours really.

Small minded of me, I know... but hey!

[eipgam] 07/5/2012 14:07

more to come???



Tullow Oil PLC said its Ngamia-1 exploratory well onshore Kenya has encountered a total of more than 100 m of oil pay over a gross oil-bearing interval of 650 m in multiple zones.

Samples of oil of greater than 30° gravity have been recovered to surface from the most recently drilled section that have properties similar to the light, waxy crude encountered in the upper reservoir zone, the company said.

Ngamia-1, on Block 10BB, has been drilled to 1,515 m and is to continue to 2,700 m. Plans are being put in place to drill stem test the well although the exact timing is yet to be decided. Tullow operates Block 10BB with 50% interest. Africa Oil PLC has the other 50%.

Ngamia is the first prospect to be tested as part of a multiwell campaign in Kenya and Ethiopia. Many leads and prospects similar to Ngamia have been identified, Tullow said. Tullow has proposed to the Kenya government an increase in 2D seismic acquisition and the sourcing of a second rig.

The Weatherford 804 rig will next move 31 km to Tullow-operated Block 13T, where the Twiga-1 wildcat, formerly Mbango-A, is to spud in the second half of 2012. The second rig will drill the Tullow-operated Paipai prospect on Block 10A in Marsabit County.

Tullow has a 50% operated interest in seven onshore licenses in the Kenya and Ethiopia rift basins covering a combined area of more than 100,000 sq km. The basin where the Ngamia discovery has been made is one of seven basins mapped in Tullow's acreage and is similar in size to the Lake Albert Rift Basin in Uganda.

[eipgam] 07/5/2012 13:04

make that AOI up 64%... which i am guessing is around £600m

edit: settling down to 40% up now

[eipgam] 07/5/2012 13:03

great news today but market closed. AOI (50/50 partner up over 40% in Sweden on the news)

You are receiving this email because you have registered for the Tullow Oil plc press release alert service.

07 May 2012

Ngamia-1 well in Kenya Rift Basin discovers further oil

Tullow Oil plc (Tullow) announces that the Ngamia-1 exploration well onshore Kenya in Block 10BB has now been drilled to an intermediate depth of 1,515 metres and the total net oil pay encountered so far has increased to in excess of 100 metres across multiple reservoir zones.


Following the initial announcement on 26 March 2012, that Ngamia-1 had encountered in excess of 20 metres of net oil pay, the well has now been deepened from 1,041 metres to 1,515 metres. A sidetrack was required in this section and following completion of logging and sampling in difficult hole conditions, a total pay count greater than 100 metres has now been discovered over a gross oil bearing interval of 650 metres. Oil samples with an API greater than 30 degrees have been recovered to surface from the newly drilled section with similar properties to the light waxy crude encountered in the upper reservoir zone.


The Ngamia structure is the first prospect to be tested as part of a multi-well drilling campaign in Kenya and Ethiopia. Many leads and prospects similar to Ngamia have been identified and following this discovery the outlook for further success has significantly improved. Tullow has proposed to the Government an increase in 2D seismic acquisition and the sourcing of an additional rig to increase drilling activities.


The Ngamia-1 well will continue to be drilled to a total depth of approximately 2,700 metres to explore for deeper potential. Plans are being put in place to drill stem test the well although the exact timing of this testing is yet to be decided. The Weatherford 804 rig will then move 31 kilometres to the Tullow Operated Block 13T, where the Twiga-1 (formerly known as Mbango-A) wildcat well will spud in the second half of 2012. A further rig is being sourced to drill the Tullow Operated Block 10A Paipai prospect in Marsabit County.


Tullow has a 50% operated interest in seven onshore licences in the Kenya & Ethiopia Rift Basins covering in excess of 100,000 square kilometres. The basin where the Ngamia discovery has been made is one of seven basins mapped in Tullow's acreage and is similar in size to the Lake Albert Rift Basin in Uganda.


Tullow (50%) operates Block 10BB and is partnered by Africa Oil (50%).


Commenting today, Angus McCoss, Exploration Director, said:

"This ongoing wildcat is an excellent start to our exploration campaign. The net pay encountered so far in Ngamia-1 is more than double that encountered in any of our East African exploration wells to date. We now look forward to the drilling and evaluation of the deeper potential of this well and the acceleration of our seismic and drilling campaigns in the region."