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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tullow Oil Plc | LSE:TLW | London | Ordinary Share | GB0001500809 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.06 | -3.31% | 30.94 | 30.96 | 31.20 | 31.88 | 30.88 | 31.88 | 2,226,896 | 16:35:07 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 1.63B | -109.6M | -0.0754 | -4.11 | 465.32M |
Date | Subject | Author | Discuss |
---|---|---|---|
23/4/2020 08:30 | No one is having my shares today. | ![]() eodfire | |
23/4/2020 08:30 | Hopefully for investors will stay above 20 by next weeks | ![]() costax1654x | |
23/4/2020 08:30 | Volume 27m in 30 minutes Shorters you never got many did you lol140 million shares Crowded trade boys | ![]() sbb1x | |
23/4/2020 08:29 | Taking out the weak now back up | ![]() datait | |
23/4/2020 08:29 | Reduced debt. Promise to reduce debt by more. And... whats this.... Oil hedged at > $57 for 2020 and > $53 for 2021.. Last time oil was at $57 TLW was trading at 62p So one could say ... where is the 62p now? Then also factor in the asset sale... Factor in the Uganda tax implications. Factor in the new CEO Factor in the promise of more sales to reduce debt. Can anyone see the discrepancy? Like I have said many a time... £1.00 all over it... Not today, maybe not tomorrow, but certainly its going to happen. | ![]() whites123 | |
23/4/2020 08:29 | Just hit 26p. FFS my short at 32p is looking good now. | ![]() smartie6 | |
23/4/2020 08:29 | Looking to get back in at 23/24 if the gods are listening. | tidy 2 | |
23/4/2020 08:28 | Back to early 20ies soon i guess. Oh well...... | ![]() badmashy | |
23/4/2020 08:28 | Reduced debt. Promise to reduce debt by more. And... whats this.... Oil hedged at > $57 for 2020 and > $53 for 2021.. Last time oil was at $57 TLW was trading at 62p So one could say ... where is the 62p now? Then also factor in the asset sale... Factor in the Uganda tax implications. Factor in the new CEO Factor in the promise of more sales to reduce debt. Can anyone see the discrepancy? Like I have said many a time... £1.00 all over it... Not today, maybe not tomorrow, but certainly its going to happen. | ![]() whites123 | |
23/4/2020 08:28 | Short closing and big gap up! | ![]() umitw | |
23/4/2020 08:27 | Traders... | mreasygoing | |
23/4/2020 08:27 | Gap will need to fill then steady away again. | ![]() sux_2bu | |
23/4/2020 08:27 | 26.7p. That pain in the side is smartie twisting the knife. | ![]() smartie6 | |
23/4/2020 08:26 | Don’t forget your place in the economy. You’re at the bottom of the barrel. | ![]() smartie6 | |
23/4/2020 08:26 | PROACTIVEINVESTORS Jamie Ashcroft 07:42 Thu 23 Apr 2020 Follow Jamie on: viewTullow Oil PLC Tullow Oil unlocks US$500mln cash in Uganda asset sale to Total It is the first step in a US$1bn asset divestment programme as the Tullow reboot continues. Tullow Oil PLC - Tullow Oil unlocks US$500mln cash in Uganda asset sale to Total Tullow Oil PLC (LON:TLW) has struck a cash deal to sell its entire Uganda business to Total for US$575mln, which is close to 150% of the London-listed firm’s market value. It is a significant boon to Tullow’s liquidity with Total set to pay US$500mln of cash on completion, and, remainder coming at Final Investment Decision (FID) for the Lake Albert field development project. The deal is the first transaction in a portfolio management programme that aims to extract over US$1bn, Tullow said. READ: Tullow Oil names Rahul Dhir as new chief executive he oiler told investors it intends to use proceeds to pay down debt and strengthen its balance sheet. Further contingent payments are also stipulated subject to prevailing oil prices once Lake Albert is in production. The transaction consolidates Total’s ownership of Lake Albert, where the two firms were partnered alongside state-backed Chinese firm CNOOC which now has pre-emption rights to pick up 50% of the Tullow unit. “We have already made good progress with the Government of Uganda and the Uganda Revenue Authority in moving this transaction forward, including by agreeing the principles on tax treatment, and we will work closely with the Government, Total and CNOOC over the coming months to reach completion as quickly as possible,” said Dorothy Thompson, Tullow executive chair. “We have also received strong support from our leading shareholders and look forward to receiving formal approval of this deal." In a separate statement, ahead of today’s online AGM, Thompson added: “This week, we have announced two significant milestones with the agreement to sell our Uganda interests to Total for $575 million in cash and the appointment of our new CEO, Rahul Dhir. "Operationally, we are delivering well against our production targets following improvements put in place by our asset team in Ghana and we have made significant changes to the structure and cost base of our organisation. “Finally, the recent successful redetermination of our Reserves Based Lending facility (RBL) has underpinned Tullow's liquidity and the strength of our assets.” Tullow confirmed first quarter production averaged 75,800 bopd, which is in line with expectations, and, Q1’s average oil price was marked at US$56 per barrel. The company also repeated fairly wide production guidance for 2020 at 70,000 to 80,000 bopd. It noted that it continues to pursue farm-out transactions for exploration assets, in order to reduce exposure to future drilling costs. Hedging sees around 60% of 2020 oil sales priced at US$57 per barrel while 40% of next year’s expected output is priced at a floor of US$53 per barrel. Earlier this week, Tullow announced the appointment of Rahul Dhir as its new chief executive effective from July 1, 2020. Dhir is founder and presently chief executive of Delonex Energy which is partnered with Tullow in Block 12A in Kenya. Tullow and Total are, meanwhile, partnered in other Kenyan oil assets and earlier this year were reportedly undertaking a joint process to sell those projects. In a statement on Tuesday, Dhir commented: “I am very excited at the opportunity to lead Tullow and re-establish it as an iconic company in our industry. “The company has high-quality assets and great people. It also has a unique position in Africa, built on a proven track record of responsible operations, strong relationships and a commitment to sustainability.̶ Lake Albert background Once up and running it is envisaged that Lake Albert could produce some 230,000 barrels of oil per day as rates plateau. Development of an initial 1.2bn barrel project was greenlighted by the Ugandan authorities in 2016 and the project partners are on the cusp of taking the FID. Tullow farmed down its original 100% stake in Lake Albert to Total and CNOOC via a 2011 deal worth US$2.9bn including partner spending commitments. Additionally, back in 2017, Total sold a 21.57% stake in the project to Total in a US$900mln deal before CNOOC took up its pre-emption rights over 50% of that transaction. It left Tullow with 33% of the project, which it was actively marketing. | ![]() adrian j boris | |
23/4/2020 08:25 | Goldman deal? | ![]() spirito | |
23/4/2020 08:25 | 27.5p and falling. Show me the money boys. Lol. | ![]() smartie6 | |
23/4/2020 08:24 | Better man to call from high to low than the one calling on the high of what is perceived as positive news. | ![]() smartie6 | |
23/4/2020 08:24 | Reduced debt. Promise to reduce debt by more. And... whats this.... Oil hedged at > $57 for 2020 and > $53 for 2021.. Last time oil was at $57 TLW was trading at 62p So one could say ... where is the 62p now? Then also factor in the asset sale... Factor in the Uganda tax implications. Factor in the new CEO Factor in the promise of more sales to reduce debt. Can anyone see the discrepancy? Like I have said many a time... £1.00 all over it... Not today, maybe not tomorrow, but certainly its going to happen. | ![]() whites123 | |
23/4/2020 08:23 | Lol more like 35p this afternoon | ![]() sbb1x | |
23/4/2020 08:22 | Got a feeling we’re looking at 25p shortly. | ![]() smartie6 | |
23/4/2020 08:20 | Tullow announced its full year results for the year ended 31 December 2019 on 12 March 2020. In these results the Directors assessed that the Group was a going concern for twelve months from approval of the Annual Report and Accounts. However, at the time of issuing the Annual Report and Accounts there were unprecedented market conditions relating to COVID-19 and the oil price. Therefore, this increased the risk that the Group may not be able to sufficiently progress any planned portfolio management activities, as a result of which its lenders may not approve the bi-annual RBL redetermination liquidity assessments or covenant amendment if subsequently required. Therefore, the Directors concluded that there is a material uncertainty, that may cast significant doubt, that the Group will be able to operate as a going concern. Although this material uncertainty remains in place, this Transaction represents part of the mitigating actions available to the Group and the Directors recognise that further portfolio management beyond this Transaction will be required to remove this material uncertainty. | f0rl0rn |
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