Tullow Oil Share Discussion Threads

[pro_s2009] 15/1/2020 07:09

Mmmm.

No Jethro/Joe oil news........apart from in the write offs.

Note 3: Exploration costs written off are predominately driven by a write-down of the value of the Kenya and Uganda assets due to a reduction in the Group's long-term accounting oil price assumption from $75/bbl to $65/bbl. The remaining write-offs include Jethro, Joe and Carapa well costs in Guyana as a result of drilling results and Kenya Block 12A, Mauritania C3, PEL37 Namibia and Jamaica licence costs due to the levels of planned future activity or licence exits.


Marina-1 well spuds end of Jan - 60 days says results in April.

Then they have Suriname to drill (committed) which will be August results......and the rig goes to Africa in September - so means no drilling in Guyana in 2020 - deferred to 2021 methinks. Only 75m USD allocated for Explo/Appraisal in 2020 - with Marina-1 in Peru and Suriname committed sure looks like not a lot else happening.

Note 5: 2020 capex breakdown of c.$140 million in Ghana, c.$80 million on West Africa non-operated, c.$40 million in Kenya, c.$15 million in Uganda and c.$75 million on exploration and appraisal activities.

[leoneobull] 15/1/2020 07:06

RE: Trading update out AdvfnToday 07:04Great update-- 2019 full year total revenue is expected to be c.$1.7 billion; gross profit is expected to be c.$0.7 billion. Capital expenditure in 2019 was c.$490 million.-- Free cash flow for the full year 2019 is expected to be c.$350 million, with net debt reduced to c.$2.8 billion and gearing expected to be around 2.0 times.-- Tullow expects to report pre-tax impairments and exploration write-offs of c.$1.5 billion (c.$1.3 billion post tax) primarily due to a $10/bbl reduction in the Group's long-term accounting oil price assumption to $65/bbl and a reduction in TEN 2P reserves.

[yidarmytom] 15/1/2020 07:05

BOOM
Fact
Nuff said

[sentimentrules] 14/1/2020 23:04

Elon definetely the best pump and rump around. The auld cloud pipe let him down a bit alright.

[sentimentrules] 14/1/2020 23:03

Sales speel. They smoke a lot of it.

[auson1] 14/1/2020 22:56

SentimentRules,

There is no way he can acheive those numbers. The market cap is one thing. Jeffries value at 600 bucks a share ! What are they smoking ?

[sentimentrules] 14/1/2020 21:11

they will want to stop it at all costs. They feel they still owe him

Soooo close ... will it? lol

[sentimentrules] 14/1/2020 21:07

went short myself today 53860

Yes lots of bear side losses reported like that

They dont report things like the multi trillion dollar buy side losses in 2008 much loool


Looks like they are calling out the activists to aid now haha



Needs one of the beasts to latch on but i think already sorted.

On the EU short campaign list as of the 12th - see how it feeds through

[auson1] 14/1/2020 20:59

Busted for sec violation

[auson1] 14/1/2020 20:58

SentimentRules,
WTF ? Elon got buated for stating a mere 420 !

hxxps://markets.businessinsider.com/news/stocks/tesla-stock-price-gain-short-seller-losses-billion-one-day-2020-1-1028815880

[sentimentrules] 14/1/2020 19:17

Double edged sword isnt it....bringing even more supply to market

[sentimentrules] 14/1/2020 19:16

Wonder what companies got speculated on that?

[auson1] 14/1/2020 19:12

Of course as their views are based on the 3 year forward guidance the Dorothy put out.

In other news Russia said to be focusing on African Oil and Ghana.

[sentimentrules] 14/1/2020 19:07

Sorry -8.1% forecasted earnings growth.

[sentimentrules] 14/1/2020 19:04

Not that the above is worth much but shall still be pondered in the morning by general market, whatever the news

[auson1] 14/1/2020 18:58

The upgrade of the rating to B1 reflects (a) its solid business profile with sizeable oil and gas resource base (b) its growing low cost production offshore Ghana, with TEN fields ramping-up in 2017-18 (c) successful exploration programme and strong execution track-record, with significant oil discoveries in Uganda and Kenya, that underpin the company's long-term production growth trajectory, and (d) proactive steps taken by the company to manage its liquidity position in 2017 and a prudent hedging programme which covers approximately 60% of its oil sales each year. However, Tullow's rating demonstrates a linkage to the sovereign rating of Ghana (B3, stable) given its sizable country exposure expected to account for around 69% of production in 2017 and therefore a further upgrade of the B1 rating is unlikely.

[sentimentrules] 14/1/2020 18:53

Difficult to decipher really. I closed a short there today. Only willing to buy a big gap down open there now

[auson1] 14/1/2020 18:51

Well yes but they have had the Rights Issue funds and Debt to EBITDA is on the way down. Probably.

Did anyone manage to find out if Elliot Advisors bought into METROs bonds in the end ?

[sentimentrules] 14/1/2020 18:40

Hasnt the scenario changed a lot

[sentimentrules] 14/1/2020 18:38

upgrade?



Headline: DJ Moody's Downgrades Tullow's Rating To B2, Changes The Outlook To Negative
Date/Time: 17/12/2019 16:24:06 ▼



The following is a press release from Moody's:

Moody's Downgrades Tullow's Rating To B2, Changes The Outlook To Negative

hxxp://www.moodys.com/page/viewresearchdoc.aspx?docid=PR_414593&WT.mc_id=AMRG93Sm9uZXNOZXdzcm9vbV9TQl9OUl9DVl9SYXRpbmdfTmV3c19BbGxfRW5n20191217_PR_414593

(END) Dow Jones Newswires

December 17, 2019 11:24 ET (16:24 GMT)

[auson1] 14/1/2020 18:37

The upgrade of the rating to B1 from B2 mainly reflects all the positive developments in 2017 which strengthened the financial profile of the company. Moody's expects adjusted gross debt/EBITDA to fall to around 3.2x in 2017 after peaking at 5.5x in 2016, mainly due to higher production from TEN and higher oil prices. The deleveraging was also a result of the successful rights issue raising net proceeds of $721 million in March 2017 which allowed the company to reduce debt. The company's liquidity profile was also strengthened after the successful refinancing of the Reserve Based Lending (RBL) facility in November 2017 with a three year grace period until October 2020. The B1 rating reflects the stronger financial and liquidity profile which should provide the company with greater operational flexibility to grow the business and consider the acceleration of investment in projects and selective growth opportunities.

[sentimentrules] 14/1/2020 18:35

Yes if said short it at 0803 , get sacked for delay haha