Tullow Oil Share Discussion Threads

[mcsean2164] 23/4/2024 15:12

Agree. Wonder who down voted you. Possibly a recent investor who didn't pay into the last fundraising 🫣

[xxnjr] 23/4/2024 11:15

Hanging on to Argentina doesn't appear to make a lot of sense. Surprised it's still there. Buenos Aires is nice though. Not that I'm suggesting it's just there so our guys can have a nice relaxing stay in BA for a week ;-)

[subsurface] 23/4/2024 09:03

So if you buy one of Tullows rejected blocks, very good chance of finding Oil
Hurry while stocks, last still have Argentina!

[xxnjr] 23/4/2024 08:23

Our drillship is expected to finish drilling operations in Ghana in about 5 wks according to it's next client where it will be drilling Ceiba-Okume complex sold by Rahul

[badger36] 22/4/2024 11:33

You can produce with discovery though and they have been either inept, corrupt or plainly unable. Either way we have had nothing for years

[xxnjr] 22/4/2024 11:27

Going forwards. The SP? You could say the medicine is working. Debt is coming down. Costs are under control. We could possibly be at an inflexion point. But for that to come to pass we need to see stable and decent production from now into 2H 24 and 1H 2025 after the rig leaves Ghana. Producing the stuff ultimately is what counts.

[xxnjr] 22/4/2024 11:03

I kind of get it. The company was in a terrible mess. Not Rahul's fault. We needed to save money. What I don't get is why we exited Namibia in the middle of the Venus-1X exploration well, literally between spud and well result. If we'd waited a few more weeks we would have known that that years "well to watch" was a highly promising basin opening discovery!

[badger36] 22/4/2024 10:44

At 46 I'm even and out

[badger36] 22/4/2024 10:43

Certainly not run for shareholders Backhanders and disposals done based on flawed analysis or corruption

[mcsean2164] 22/4/2024 10:19

xxjnr,

I'm hoping to exit around 40p. The company fell apart during covid and is not the same company anymore. Soon time to move imho.

[badger36] 22/4/2024 08:44

One can only despair at some of these decisions and combined with drilling disappointments you must wonder if a badly trained monkey could be any worse

[subsurface] 22/4/2024 08:39

Tullow had 37.5% of the Kanuku block Guyana Repsol the operator who may of lost the licence
No Compensation ?


Tullow gets key nod to exit Orinduik, but might remain on Kanuku license

hxxps://oilnow.gy/news/tullow-gets-key-nod-to-exit-orinduik-but-might-remain-on-kanuku-license/

[subsurface] 22/4/2024 08:27

Tullow Oil chief executive Rahul Dhir has “no regrets” about the company’s decision to quit a highly promising exploration block offshore Namibia, upstream reported.


2022 Chevron spends big to enter Namibia’s oil race


The multi-national United-States-based energy corporation, Chevron, has reportedly paid US$100 million (around N$1.7 billion) for a stake to explore oil in the Orange basin offshore Namibia.

Online global energy publication Energy Voice this week reported Chevron invested after the US super-major acquired an 80% working interest in Petroleum Exploration License 90 (PEL90), which covers Block 2813B – about 200 to 250km offshore – close to the Venus and Graff discoveries by TotalEnergies and Shell, respectively.

hxxps://neweralive.na/posts/chevron-spends-big-to-enter-namibias-oil-race

[badger36] 22/4/2024 08:09

Was there backhanded payments? All I see is nothing but shareholders being thwarted either by engineering incompetence or corruption.How many now have we disposed of which subsequently proved to be a complete error

[subsurface] 22/4/2024 06:46

Bet Cheveron couldn,t believe there luck !

Chevron is preparing the ground to drill up to 10 exploration and appraisal wells in a highly promising block in Namibia’s exciting Orange basin, directly north of TotalEnergies’ multibillion-barrel Venus discovery.

The US supermajor farmed in to Block 2813AB last year, shortly after Tullow Oil exited and Venus was discovered, eventually acquiring all of the interest held by Australian junior Harmattan Energy and part of the stake held by local player Trago Energy.

[xxnjr] 22/4/2024 03:15

Namibia update. GALP Energia seem to have a massive discovery only a stones throw away from the block the E&P worlds dummest CEO gave away for free. Sorry to keep going on about this Rahul! But you see the well just tested at a facility constrained 14K bopd and discovery probably contain at least 10 billion barrels OOIP according to GALP.

Not only that but quite a lot of the oil is in Upper Cretaceous (as well as in the deeper Albian). This is doubly ironic as according to an IR response I received at the time of our exit "we exited as it was a different play type" which I understood to mean not Upper Cretaceous (as in Jubilee) but Albian (Mid Cretaceous).

One could also point to charts of our handed back Namibia block showing Upper Cretaceous targets. Must be really inspirational working in Tullow Exploration these days with a CEO who gives years of your work away for nothing.

All those, what I feel are somewhat artificially generated stock options, or some of them at least, ought to be cancelled! The incentive plan is unfit for purpose as it massively awards millions of cheap shares to our CEO simply because he's performed so poorly in adding shareholder value. When the plan was originally conceived not even the most pessimistic scenario planning could have imagined that after 1100 days as CEO, our CEO has added zero real shareholder value!

Not to mention the 9m options given as a "golden hello" to compensate Rahul for loss of options from existing employer (Delonex), even though according to African Intelligence "How Warburg Pincus' prized Delonex Energy crumbled under new Tullow CEO's rule. Despite getting off to a such a good start, things soon went from bad to worse for the junior oil firm Delonex Energy." with the latter being wound up and one presumes; the Delonex options had little or no value!

I don't mind our CEO benefitting if the share price goes up. What I do mind is the huge number of shares he's received despite bad share price performance.

[wellbutpoor] 19/4/2024 16:45

New to this board after taking a punt off the back of the recent financial restructure.

SP is looking ready to break out into a new 12 month high, I'm aware of a recent BoA buy note - do we have have intel on any other broker notes in issue? TIA

WBP

[xxnjr] 19/4/2024 08:17

In reality it was a very minor hit, calibrated to enable Iran to park the matter if they so wish. But it's the Middle East.....

[up just a little bit] 19/4/2024 07:33

BBC News - Oil and gold prices rise as US says Israel has struck Iran - BBC Newshttps://www.bbc.co.uk/news/articles/c2vwl91qe6do

[xxnjr] 18/4/2024 21:16

no worries mcs. I guess it pays to read to the end.
He's added 2.4m over last 8 months.
Lowest paid 26.48p. Highest 38.64P.

[mcsean2164] 18/4/2024 19:02

Beg your pardon xxjnr, 15/04/2024 & 16/04/2024. Didn't bother reading to the end, just assumed it would be reams of rubbish.

[xxnjr] 18/4/2024 15:35

128,000 was the incorrect answer. It's more!
Try again.