Is the Banco Safra Holding being held on behalf of Sammy(Petrolin)? Same as with Summerhill Trust Co. |
Through into the 20's today |
Bonds steady.
Reported shorts steady at 2.29%
Majority shareholders have approx 40% of the equity:
Bank J. Safra Sarasin AG - 15.30 %
AzValor Asset Management SGIIC SA - 14.18 %
RWC Asset Management LLP - 6.583 %
Summerhill Trust Co. (Isle of Man) Ltd - 4.033 %
Looking very oversold at these levels. |
Oh well I guess anything is possible in the current situation. But wouldn't Rahul stay on a bit longer to grasp the prize? |
No CEO and delay in appointing smacks to me of something imminent. Bidders imo must be looking - a bargain at 28p . Glencore ? |
Having done your 'DYOR' what is your evidence Lev1? |
IMO 28p this week.DYOR |
Imminent bid ??? |
No CEO. Ripe for a bid ? 28p imo |
As long as it's not 4X of base salary as in the current plan SS. If you only achieve 25% of the target you still end up with a 1X! It's a lot more complicated than that as there are different categories and for last yr TSR comparison with peer group is 50% of total prize but you get the general point. |
Agreed XX,Ido hope they make a good selection for CEO strict criteria and some salary performance related to share price |
Far more sensible. Richard is a safe pair of hands. It didn't make sense to have an ejected/resigned CEO with 24m underwater share options running the company in the interim period before the next guy takes over. |
Thanks for posting A13 |
 Directorate ChangeUpdate on Chief Executive Officer Transition4 February 2025 - Further to the announcement on 5 December 2024 of Rahul Dhir's departure as Chief Executive Officer (CEO), Tullow Oil plc (Tullow) today confirms the appointment of Richard Miller as Interim Chief Executive Officer and Chief Financial Officer, effective on 14 February 2025. Rahul will step down from the Board on 14 February 2025, however, to ensure a smooth transition, Rahul will be available to the business until his notice period ends on 5 June 2025. The process to find a new permanent CEO is progressing well and the Board will provide further updates in due course.Phuthuma Nhleko, Non-Executive Chairman, commented today:"Once again, I would like to thank Rahul for his hard work and dedication to Tullow and we wish him every success in the future. He will forever be a friend of Tullow. The appointment of Richard on an interim basis allows Tullow to focus on the delivery of its near-term objectives and effect a smooth transition to a full time CEO in due course." |
New 52 week low |
1.7m UT at 18p. |
Closed on its low |
Better off with Ith , they pay 20 percent div !!! |
Perhaps Total will buy back Tullows future Uganda Production agreement,whats that worth? the production timeline keeps slipping now end of 2026. |
The price of the 25's responded well yesterday, the 26's not so well.... |
Interesting. Less than 24hrs after the trading statement, part of it is already in tatters:-
"Management plans to repay the 2025 Notes at maturity with a combination of cash in hand and drawings from the Glencore facility, and to refinance and simplify the Group's capital structure during the remainder of 2025."
So it sounds like the senior secured bondholders (2026's) are unwilling to be shunted down the queue by the lower ranked 2025's. |
"A group representing holders of Tullow’s $1.39 billion bonds due 2026 is working with lawyers at Cleary Gottlieb Steen & Hamilton in a bid to push the company to come up with a comprehensive solution, said people familiar with the matter, asking not to be named because they aren’t authorized to speak publicly. The 2026 notes fell 1.9 cents on the dollar to 91.8 cents on Thursday, the data shows."
from Bloomberg just now |
"Reserves reduction includes 22.4 mmboe of Group production in 2024 and a revision on Jubilee, where the estimated quantum of oil-in-place remains unchanged."
What utter nonsense Rahul comes out with. OOIP is irrelevant in this context, as less of the OOIP that is still there can be produced due to poorer reservoir performance than anticipated. Hence the -27m bbls on Jubilee.
Nov Trading Update "Water injection capacity has been increased to c.300 bwpd. Combined with further production optimisation activities, this is expected to mitigate the declines experienced in the second half of 2024."
2 months later "Water injection capacity on Jubilee was increased to 300 kbwpd late in 2024. Combined with an improvement in water injection system reliability, Tullow expects decline rates at Jubilee in 2025 to be lower than in the second half of 2024.
As for "production optimisation" on Jubilee, the more they optimise the more production declines! |
No evidence to suggest there's any issue with bond repayment, at least some good news. |
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