Tullow Oil Share Discussion Threads

[sbb1x] 26/5/2020 07:38

Around the world, producers have lowered global #oil supply by 14-15 million barrels a day so far, #Russia's Energy Minister Alexander Novak said in a statement Monday. #OOTT https://t.co/KgArmieeeG

[teamwork1] 26/5/2020 07:26

https://www.businessdailyafrica.com/news/Kenya-disputes-Tullow-oil-project-compensation-bill/539546-5563716-nm9wuvz/index.html

[umitw] 26/5/2020 06:46

News: Oil glut may re balance as early as next month.

[sbb1x] 25/5/2020 23:31

India's fuel demand, which had crashed by 60 percent during the early days of its two-month lockdown, is set to reach pre-coronavirus levels in June, Indian Oil Minister Dharmendra Pradhan told Times of India over the weekend. https://t.co/47XTEOeb62

[sbb1x] 25/5/2020 23:14

US shale industry braces for wave of bankruptcies Seventeen producers have filed for Chapter 11 so far this year but many more are closehttps://t.co/bIZnU3j3KD via @financialtimes

[sbb1x] 25/5/2020 23:13

"Already 17 smaller US oil & gas producers, with total debt of around $14 BILLION, have filed Chapter 11 bankruptcy this year. The total could rise to 73 before the year is out. Another 170 would follow next year if prices remain around current levels.

[master rsi] 25/5/2020 22:35

Brent Oil was up $1 since London close last Friday



Oil rises on view that demand may rebound beyond pre-virus level
y Bloomberg 25/05/2020, 6:20 pm

Oil rose as the head of the International Energy Agency forecast demand will likely grow past its level before the global pandemic.

Futures in New York gained as much as 2.3% on Monday, with trading volumes thin due to holidays in the U.S., U.K. and Singapore. Fatih Birol, executive director of the IEA, said oil consumption hasn’t yet peaked, countering speculation that the virus will have a long-term impact.

[sbb1x] 25/5/2020 18:37

Good find booty well done

[bootycall] 25/5/2020 15:26

The previous effort to embarrass the Ugandan government was filed by the same Jackson Wabyona in 2017. I understand his case was dismissed with costs awarded against him. If you want to see the whole ruling, press the “full judgement” tab

[sbb1x] 25/5/2020 13:38

Maybe they will end up with a bullet in the head and thrown in a ditch.

[oakville] 25/5/2020 13:24

Bottom at 12p?

[bonio10000] 25/5/2020 12:47

So the case if for twice the value of the sales price?

That says it all.

[bootycall] 25/5/2020 12:43

This court case is against the undemocratic government of Uganda in the run up to elections. Similar stunts are pulled on a regular basis to embarrass Museveni. IMO it is a publicity stunt going nowhere . I don’t think the President will take kindly to a private citizen interfering with the country’s biggest capital project which helps to finance the military. PMSL.

[sbb1x] 25/5/2020 12:10

GERMANY'S DAX INDEX HITS A NEW HIGH SINCE MARCH 6, UP NEARLY 2%Get our news in real-time:https://t.co/jbpFl0gA21

[thewealthofsocrates] 25/5/2020 11:09

What Tullow needs right now is stability. I suggest that shareholders here find the key members like the CFO on LinkedIn and advise them to end fixed interest bond issues and instead issue shares in bad times but with higher dividends.
hxxps://www.linkedin.com/search/results/people/?keywords=Tullow%20Oil&origin=SUGGESTION

They will need to continue to reduce costs from current production and exploration to maintain this dividend.

When good times come again they can resume full production, and regularly buyback the shares, but reduce the dividend payout.

Tullow will be able to raise dividends in the near term if they have a predictable ongoing income from renting out their oil storage facilities & perhaps build a few more if the payout is worth it.

[thewealthofsocrates] 25/5/2020 10:36

I think they will respond with another round of mass layoffs on the production side, which will be good in a negative oil world. There is only one thing that's lucrative in the oil industry right now: rent for storage.

I think Tullow will make major strategic moves very soon to become the new oil landlords of Africa.



hxxps://www.wsj.com/articles/oil-traders-are-scrambling-to-book-tankers-for-storage-11587502041

hxxps://www.washingtonpost.com/business/energy/the-worlds-smartest-oil-traders-have-taken-to-the-seas/2020/05/24/f0c435a0-9d7c-11ea-ad79-eef7cd734641_story.html

[sbb1x] 25/5/2020 10:35

Lol. A private case by a nobody.The nobody obviously being paid by the shorters because they need 140 million shares to close. LolI'm buying more tomorrow.On other note dow futures up and hitting 1 month highs and heading higher... lovely

[amaretto1] 25/5/2020 10:26

Total can't buy it ....oh dear.

[amaretto1] 25/5/2020 10:25

Not good news at all.

[oakville] 25/5/2020 08:53

Everything is stacked up against TLW.

[misca2] 24/5/2020 13:11

ALLAFRICA

Uganda: Court Summons 3 Firms Over Tullow Oil Tax Case

24 May 2020
The Monitor (Kampala)
By Derrick Kiyonga

The Commercial Court has summoned three United Kingdom- based law firms who were the masterminds of the deal in which Tullow Oil plc avoided paying taxes worth $1.1 billion (about Shs4.1 trillion) to the Ugandan national treasury following an agreement with the central government and Uganda Revenue Authority (URA).

In the May 18 summon, court has also asked Three Curtis, Mallet-Prevost, Colt & Mosle, Freshfields Bruckhaus Deringer, Three Crown Services, together with Tullow Uganda operations PTY Limited, and its affiliate Tullow Uganda, URA and the Attorney General, to file their responses to a suit recently lodged by Jackson Wabyona, a private citizen, within 15 days.

Before the main case in which he essentially challenges the settlement deed saying it is illegal and has corruption written all over it is heard, Wabyona has asked the court to first determine a separate application he filed on May 15.

In the application, Wabyona demands that before the main case is heard, Tullow Uganda Limited and Tullow Uganda operations PTY first furnish the court with security worthy $ 1.1 billion and property comprised in 33.3 per cent stake in each of the Lake Albert development project licenses EAl, EAIA, EA2 and EA3A and the proposed East African Crude Oil Pipeline (EACOP) System valued at $1 billion.

Demands

Though Tullow in theory sold off its interests in Lake Albert to French oil giant Total E&P in a deal worth $575m (Shs2.1 trillion), in the application, Wabyona asks the court to preserve or detain Tullow's interests in the lake.

Wabyona says court should appoint a receiver for Tullow's stake in Lake Albert and the proposed EACOP system before the main case is heard.

"An order committing the first [Tullow Uganda Operations PTY], second [Tullow Uganda ] respondents' 33.3334 per cent stake in each of the Lake Albert development project licenses EAl, EAI A, EA2 and EA3A, and the proposed East African Crude Oil Pipeline (EACOP) System to the possession, custody and management of the receiver appointed herein with such powers as the court thinks fit," Wabyona's application reads in part.

Having sold off its remaining interests in Uganda, Wabyona says Tullow's farm-down deal worth $525m (Shs2 trillion) is in bad faith and prejudicial to Uganda in as far as it is meant to enable the Anglo-Irish oil company quick exit from Uganda and quit jurisdiction without paying the taxes due under $2.9b farm downs or determining the legality and validity of tax waivers under the settlement deed it was agreed upon in 2015.

According to Wabyona, both Tullow Uganda and Tullow Uganda Operations PTY are on the verge of bankruptcy as their stock is so low while their debts are accumulating and unserviced.

"The first [Tullow Uganda Operations PTY] and second [Tullow Uganda] defendants sold their interests valued at $992.2m (about Shs3.7 trillion) at an undervalue of $575m in order to mitigate material uncertainties facing the first and second defendants at the Group level," Wabyona says, referring to the deal Tullow signed with Total E&P in April, which now awaits Cabinet approval.

Tullow, Wabyona says, is scheming to quickly close the $575m farm down transactions during this time of lockdown in Uganda and worldwide.

"The courts that would subject the settlement deed to a legality and validity test are currently not operational and functional save for criminal matters and urgent civil matters," Wabyona says in an application drawn by Nyanzi, Mbabazi, Kiboneka advocates.

"The first and second defendants want to take advantage of the lockdown and close the farm downs and thereafter quit Uganda without determining their liability to pay the waived and forfeited taxes under the settlement deed."

If Tullow quits Uganda before the final determination or disposal of the case, Wabyona says it would be akin to giving the company a blank cheque to cheat taxes due and payable.

"The plaintiff [ Wabyona] shall aver and contend that present suit raises issues of great national importance that are likely to affect the economy of Uganda, it is urgent that it should be considered and heard expeditiously and urgently during this lockdown period," the court filings read.

UK lawyers

In respect to the UK lawyers, Waybona contends that by the mere fact that they were witnesses of the settlement deed and legal advisors of the signatories to the deed, they are liable for professional negligence or legal malpractice.

First, Wabyona attacks Curtis, Mallet- Prevost, Colt & Mosle, the law firm that was outsourced by Uganda during the drafting of the settlement deed saying it didn't know or didn't bother to do research and understand the applicable laws of Uganda in respect to such settlements.

"The fifth defendant [Curtis, Mallet- Prevost, clot &Mosle] had no competency, capacity nor the ability to advise the government of Uganda on issues arising from the execution and implementation of the settlement deed, that required knowledge of the tax laws generally jurisprudence of Uganda," Wabyona says, adding that Curtis, Mallet- Prevost, clot & Mosle colluded with both Freshfields Bruckhaus Deringer and Three crowns services to mislead and misadvise the Ugandan government and URA to enter into the questioned settlement to cheat taxes due to be paid in the Ugandan Consolidated Fund.

It is Wabyona's case that David Robert Hesse, who represented Uganda's Attorney General, Hellen Buchanan (Tullow Uganda Operations PTY), Constantine Partasides QC (Tullow Uganda) are partners of Curtis, Mallet- Prevost, Clot &Mosle, Freshfields Bruckhaus Deringer and Three crowns services respectively, acted in the course of their employment as counsel for their respective clients.

Accordingly, he says the three law firms are liable vicarious for the professional legal malpractice of their partners while executing the instructions of their clients.

Signatories

Wabyona insists that the signatories of the settlement deed, who included Ms Doris Akol, the then Commissioner General of URA or URA as an institution, the Attorney General or Solicitor General of the government of Uganda lack the legal capacity to waive taxes or otherwise forfeit taxes that have been assessed and are due and payable to the Consolidated Fund. Such an act, he says, of waiver or forfeiture does not bind the government and is to all intents and purposes void and a nullity.

Read the original article on Monitor.

[misca2] 24/5/2020 13:01

Court summons 3 firms over Tullow oil tax case

Sunday May 24 2020



In Summary

In respect to the UK lawyers, Waybona contends that by the mere fact that they were witnesses of the settlement deed and legal advisors of the signatories to the deed, they are liable for professional negligence or legal malpractice.

First, Wabyona attacks Curtis, Mallet- Prevost, Colt & Mosle, the law firm that was outsourced by Uganda during the drafting of the settlement deed saying it didn’t know or didn’t bother to do research and understand the applicable laws of Uganda in respect to such settlements.


By DERRICK KIYONGA

The Commercial Court has summoned three United Kingdom- based law firms who were the masterminds of the deal in which Tullow Oil plc avoided paying taxes worth $1.1 billion (about Shs4.1 trillion) to the Ugandan national treasury following an agreement with the central government and Uganda Revenue Authority (URA).

In the May 18 summon, court has also asked Three Curtis, Mallet-Prevost, Colt & Mosle, Freshfields Bruckhaus Deringer, Three Crown Services, together with Tullow Uganda operations PTY Limited, and its affiliate Tullow Uganda, URA and the Attorney General, to file their responses to a suit recently lodged by Jackson Wabyona, a private citizen, within 15 days.

Before the main case in which he essentially challenges the settlement deed saying it is illegal and has corruption written all over it is heard, Wabyona has asked the court to first determine a separate application he filed on May 15.

In the application, Wabyona demands that before the main case is heard, Tullow Uganda Limited and Tullow Uganda operations PTY first furnish the court with security worthy $ 1.1 billion and property comprised in 33.3 per cent stake in each of the Lake Albert development project licenses EAl, EAIA, EA2 and EA3A and the proposed East African Crude Oil Pipeline (EACOP) System valued at $1 billion.

Demands

Though Tullow in theory sold off its interests in Lake Albert to French oil giant Total E&P in a deal worth $575m (Shs2.1 trillion), in the application, Wabyona asks the court to preserve or detain Tullow’s interests in the lake.

Wabyona says court should appoint a receiver for Tullow’s stake in Lake Albert and the proposed EACOP system before the main case is heard.

“An order committing the first [Tullow Uganda Operations PTY], second [Tullow Uganda ] respondents’ 33.3334 per cent stake in each of the Lake Albert development project licenses EAl, EAI A, EA2 and EA3A, and the proposed East African Crude Oil Pipeline (EACOP) System to the possession, custody and management of the receiver appointed herein with such powers as the court thinks fit,” Wabyona’s application reads in part.