Tullow Oil Share Discussion Threads

[alfiex] 13/7/2020 07:39

How times have changed!

[subsurface] 13/7/2020 02:31

Hsfinch

And we will!

Perhaps this is an example of when an interview comes back to Haunt you ,could we have been misled?

[subsurface] 13/7/2020 02:15

Hi Hsfinch,

Yes I read many of the posts. many of Mr X points have turned out right
Tullow was never the same after the spat with Heritage Oil over Uganda It makes me wonder! but of course over the years many factors have contributed to its demise

I have been in Tullow 20 years in January 2019 I was so disappointed with the performance I wrote to IR a very long E mail discussing many topics about the company
here is an extract about Ghana


Ghana, As part of our shared prosperity we listed on the Ghana Stock Exchange we doubled it in size The Ghana investor sees Tulllow Ghana doing very well, great production and cash flow. The problem is the investor has seen the share price go from 31Cedi to below 12 and they lost the dividend, Bit of a Mess!
And just to cap it all Ghana National pension scheme were invested If they still are I would imagine we will have a lot of unhappy people in a place that is our jewel in the crown.
So for me The Lesson is we need to think things through ,great when everything is going well ,But we need to be careful!.


The current share price of Tullow Oil Plc (TLW) is GHS 11.92.2 days ago
Dividend Per Share: 0.9257
Interesting its still showing a dividend? on Google

It looks to me that Tullow is just working for the banks.and fat cat employees short and day traders.the long term investor looks on in dismay.
I posted the full letter in January 2019 on this site. Hit the spot on a few topics
but I am not an expert.
have a good day.

[the grumpy old men] 12/7/2020 10:58

Oil Market Tightens But COVID-19 Could Spoil The Rally
By Nick Cunningham - Jul 11, 2020, 6:00 PM CDT
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Global oil demand has rebounded somewhat faster than previously thought, although the spread of the coronavirus in the United States and Latin America is “casting a shadow over the outlook,” the International Energy Agency (IEA) wrote in its latest Oil Market Report. The last few weeks have seen crude oil prices trade in a “remarkably stable” trading range, and according to the futures market, traders anticipate that the historic surplus seen in the second quarter will give way to a deficit in the second half of the year.

Global oil demand declined by 10.75 million barrels per day (mb/d) in the second quarter, the IEA confirmed. That should improve to down only 5.1 mb/d in the second half of the year as large parts of the globe bounce back from lockdowns. In fact, the IEA revised up its forecast for full-year demand to 92.1 mb/d, which is roughly 0.4 mb/d higher than last month’s report.

The reason? The sharp drop in demand during the second quarter wasn’t quite as bad as previously thought.

The market may also tighten a bit more than expected because of the declines in supply. OPEC+ stepped up compliance last month with the production cut agreement, achieving a 108 percent compliance rate. That contributed to a 2.4-mb/d global supply reduction in June compared to a month earlier, pushing global oil production down to 86.9 mb/d, a nine-year low. The market is thought to be in a supply deficit, albeit with a massive inventory overhang.

Tightening demand and falling supply help explain the rally in oil prices from negative territory in April to a more solid trading range around $40 per barrel by late June and into the middle of July.

For now, the fundamentals still point in this tightening direction. The IEA warned that U.S. supply could bottom out and resume growth, which would prevent prices from rising too much. But a record low rig count and steep decline rates from shale wells may yet translate into a further drop in output later this year. If shale rebounds, that could cap the rally, but if shale disappoints, that points to tightening.

A more immediate threat to $40 oil is the return of some 2 mb/d of OPEC+ production cuts beginning as soon as August. Libya may also return some oil to the market after lifting force majeure on its oil exports. The one-month extension expires and the cartel has hinted that it would ease cuts next month, although nothing is for certain, and the group could still decide to extend again.

Related: Can India Really Shut Down Oil Supply To China?

In fact, despite the obvious desire from some producers to lift production again, the very downside risks that the IEA is warning about may cause the OPEC+ coalition to think twice. “For the time being…OPECR17;s strategy for controlling the market appears to be working,” Commerzbank wrote in a note. “An official letter has been received from Angola in which it commits to complying with the agreed production quotas and to implementing an additional cut to compensate for the recent overproduction.̶1;

With all producers stepping up compliance and stability returning to the market, OPEC+ would risk undoing those gains by loosening the cuts. More will be revealed in the coming days and weeks.

Commerzbank cautioned about downside risks, but struck a bullish note, arguing that “the oil market is likely to tighten in the second half of the year thanks to the massive production restrictions and further recovering demand.”

Ultimately, however, so much is unknown because of pandemic. Gasoline demand continues to edge up in the U.S., although it remains below pre-pandemic levels for this time of year. “The resurgence of the virus could trigger a more intensive use of cars to avoid public transportation and more home deliveries to avoid crowded shops. This would be supportive for fuel demand,” the IEA said. “On the other hand, the resurgence could simply reduce mobility. The impact of the recent tightening is just starting to appear in mobility data for some countries, while mobility indices elsewhere show a gradual return to pre-Covid-19 levels.”

It’s a mixed bag, but the IEA warned that the coronavirus could spoil the rally. “While the oil market has undoubtedly made progress since ‘Black April’, the large, and in some countries, accelerating number of Covid-19 cases is a disturbing reminder that the pandemic is not under control and the risk to our market outlook is almost certainly to the downside,” the agency said.

By Nick Cunningham of Oilprice.com

[hsfinch] 12/7/2020 09:51

Does anybody on here remember the spats on iii back on the day. Misterx1 and others versus Brummell and others. It was a hoot and the bears were proved right in the end. If TLW was a US stock, I suspect there'd be class action suits going through the courts now alleging malfeasance. It might yet happen in Ghana where the stock was listed and investors were royally shafted. Some of that bulletin board content seeming to come from insiders would be worth looking at. Having said all that I can't really see any significant upside here now.

[adrian j boris] 11/7/2020 15:21

Uganda: Tullow Shareholders Set to Approve Sale of Assets to Total

10 July 2020
Oil in Uganda (Kampala)
By Edward Ssekika

Tullow Oil Plc shareholders are set to approve the company's sale of all its assets in the Lake Albert Development project to Total E&P Uganda BV.

In a statement, Tullow Oil Plc said it has called a general meeting to allow shareholders approve the sale and consequently the company's exit from Uganda's oil and gas sector. According to the statement, the meeting is scheduled for July 15, 2020 in Landon, United Kingdom.

"The transaction is of critical importance to Tullow and the Tullow board unanimously recommends that all shareholders vote or procure votes in favour of the resolution being proposed at the general meeting," the circular calling for a general meeting reads in part.

Under the British law, Tullow's proposed sale of assets to Total constitutes a class 1 transaction conditional on, among other things approval by the company shareholders by a simple majority of the votes cast.

Tullow Uganda Operations Pty Ltd - a subsidiary of Tullow Oil plc owns 33.3 percent interests in oil blocks 1, 1A, 2 and 3A and the proposed East African Crude Oil Pipeline Project (EACOP). Other partners in the Lake Albert Development Project are; Total E&P Uganda BV and CNOOC Uganda Ltd each with 33.3 percent.

Tullow is currently the operator of Block 2; Total Uganda is currently operator of Blocks 1 and 1A; and CNOOC Uganda Limited (CNOOC) is operator of Block 3A. Should shareholders and Government of Uganda approve the sale, Tullow will consequently exit Uganda's oil and gas sector.

The company has been one of the major players in Uganda's oil and industry since 2004.
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On April 23, 2020 the company announced that it had agreed to sale all its assets in Uganda Total E&P Uganda B.V for $ 575 million (approximately Shs 2. 1 trillion).

However, the transaction remains subject to several conditions and approvals. Even if the shareholders give the transaction a greenlight, it shall still be subject to other conditions including government of Uganda's approval, execution of a binding tax agreement between Tullow, government of Uganda and Uganda Revenue Authority that reflects the agreed tax principles.

A similar proposed sale of part of Tulllow's assets in Uganda that was announced in 2017, it collapsed last year following misunderstandings with Uganda Revenue Authority (URA) among other reasons.

However, the current transaction seems to be already gaining a greenlight from Government of Uganda.

Robert Kasande, Permanent Secretary, Ministry of Energy and Mineral Development in April soon after Tullow announcing the proposal sale said that Government and the oil companies have in principle agreed on the tax treatment of the transaction.

"Government has received the Sale and Purchase Agreement (SPA) from the oil companies which is being reviewed to facilitate the grant of the necessary approvals and conclusion of the transaction," Kasande noted.

Tullow remains optimistic that the sale will be concluded this year. "Subject to the satisfaction of the conditions, the transaction is expected to be complete in the second half of 2020," Tullow notes in a statement.

Read the original article on Oil in Uganda.

[waldron] 11/7/2020 07:52

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TULLOW OIL
Price (GBX) 29.96 -4.01%

[cool hand kev] 10/7/2020 15:28

Ok :-)

Copied from TXP BB

OP July 10 - The current oil crisis will severely depress investments in new oil production, setting the stage for oil prices hitting $100 or even $150 a barrel over the next five years, several analysts told The Wall Street Journal.

Christyan Malek, JP Morgan’s head of oil and gas research for Europe, the Middle East, and Africa, also thinks that oil could hit $100 per barrel, due to the dramatic decline in investments.OP July 10 - The current oil crisis will severely depress investments in new oil production, setting the stage for oil prices hitting $100 or even $150 a barrel over the next five years, several analysts told The Wall Street Journal.

Christyan Malek, JP Morgan’s head of oil and gas research for Europe, the Middle East, and Africa, also thinks that oil could hit $100 per barrel, due to the dramatic decline in investments.

[maywillow] 10/7/2020 12:23

cool hand kev
10 Jul '20 - 12:19 - 49757 of 49757
0 1 0
If I recall the resistance is at 29.19? So I'm hoping that we can keep above that


lol

change that to very strong support at 29.19p

[maywillow] 10/7/2020 12:19

Upcoming events

Trading Statement & Operational Update

29 Jul 2020

2020 Half Year Results

09 Sep 2020

[cool hand kev] 10/7/2020 12:19

If I recall the Strong support is at 29.19? So I'm hoping that we can keep above that

[maywillow] 10/7/2020 12:17

18 June 2020

Locations:

Corporate
Africa
Uganda

Tullow Oil plc (Tullow) announces that, further to its announcement on 23 April 2020 in relation to the agreed sale of its entire stake in the Lake Albert Development Project in Uganda to Total for US$575 million in cash plus post first oil contingent payments, a shareholder circular relating to the Transaction (the Circular) has been published today, having received approval from the Financial Conduct Authority.

Under the UK Listing Rules, the Transaction constitutes a Class 1 transaction and is therefore conditional on, among other things, the approval of Tullow’s shareholders, by a simple majority of votes cast. The Circular contains further details on the Transaction and a notice convening a general meeting of Tullow to be held at the offices of Tullow Oil plc, at 9 Chiswick Park, 566 Chiswick High Road, London W4 5XT at 12 noon (London time) on 15 July 2020 (the General Meeting) to consider and approve the Transaction.

[maywillow] 10/7/2020 12:17

18 June 2020

Locations:

Corporate
Africa
Uganda

Tullow Oil plc (Tullow) announces that, further to its announcement on 23 April 2020 in relation to the agreed sale of its entire stake in the Lake Albert Development Project in Uganda to Total for US$575 million in cash plus post first oil contingent payments, a shareholder circular relating to the Transaction (the Circular) has been published today, having received approval from the Financial Conduct Authority.

Under the UK Listing Rules, the Transaction constitutes a Class 1 transaction and is therefore conditional on, among other things, the approval of Tullow’s shareholders, by a simple majority of votes cast. The Circular contains further details on the Transaction and a notice convening a general meeting of Tullow to be held at the offices of Tullow Oil plc, at 9 Chiswick Park, 566 Chiswick High Road, London W4 5XT at 12 noon (London time) on 15 July 2020 (the General Meeting) to consider and approve the Transaction.

[mccracken227] 10/7/2020 12:02

Hi xx are you still holding? It will be a long uphill struggle to get to where we we were, let's hope some decent news on 29th

[cool hand kev] 10/7/2020 11:38

Well I will have surplus EUA funds to add :-)

[sbb1x] 10/7/2020 11:35

I won't spend all day derampimg. But 24/25p might possible. I will continue to post eia and api data on here on Tuesday and Wednesday.

[sbb1x] 10/7/2020 11:33

Need to let it fall imo Volume gone

[cool hand kev] 10/7/2020 10:31

I've added sub 30p

[maywillow] 10/7/2020 10:22

Upcoming events on TULLOW OIL

THE UGANDA SALE VOTE 15th July 2020

The general meeting will be held at Tullow’s London offices at noon on July 15th to consider and approve the transaction. However, coronavirus pandemic restrictions mean shareholders will need to vote in advance by proxy through the chair of the general meeting.


roll on next wednesday and any updates togetherwith outlook


have a super weekend

[justthemoney] 10/7/2020 10:16

what's on 15 July?

[maywillow] 10/7/2020 10:01

Certainly being persistent in staying above the 29.19p support

[maywillow] 10/7/2020 09:59

Tullow Ghana is crediting its ability to maintain stable operations during the coronavirus outbreak to its advance planning and preparation to manage the impact of the virus.

According to Operations Director of the oil company, Anthony Pearce, the early adoption of a Covid Response Committee contributed to the firm increasing its production even as the pandemic raged.

Mr. Pearce was speaking during a webinar on “Covid-19 Response Strategies in Africa’s Oil and and Gas Industry” organised by the think tank Africa Centre for Energy Policy (ACEP).

“Through all this, both of our production facilities have probably had the best production records for the past two years. In the last month we have not seen a production trip on our facility,” he said. “What is making that happen is that we have reduced activity to a sensible level—everyone’s awareness is heightened, everyone gets the gravity of the situation.”

He said the company is learning from the pandemic and is convinced that by the next six months, a lot of lessons will have been learnt to make things better.

“It is interesting how Tullow Ghana has achieved the best oil production so far in this dire Covid-19 era. Maybe the pandemic has helped companies like Tullow to focus on what is really important.”

Hedge cushion

Another critical factor that has helped the company overcome operational challenges, according to Mr. Pearce, is its hedging philosophy, which has proved helpful given the extremely low crude oil prices, particularly during March and April.

Tullow has previously said the impact of reduced crude oil prices is mitigated by a robust hedging strategy, whereby 60 percent of its 2020 sales revenue is hedged at a floor price of US$57 per barrel (/bbl) and 40 percent of 2021 sales revenue is hedged at a minimum price of US$53/bbl.

For January and February, the company’s realised oil price was US$62/bbl, and following the price drop, hedging receipts of US$30m were forecast for March alone.

According to the company, underlying operating costs remain less than US$12/bbl, with operating costs in Ghana at US$9/bbl. It said its hedging policy together with expected output of 70,000-80,000 barrels per day results in a free cash flow breakeven oil price of US$35/bbl for the rest of the year.