Tullow Oil Share Discussion Threads

[peantern1] 12/3/2021 15:21

Despite going over 60 and no doubt triggering stops not dropping back and in fact continuing upwards.

[uzzymaz] 12/3/2021 14:58

Glad i invested. Close at 70p with the way things going

[investordave] 12/3/2021 14:35

With the trackers and shorters having to buy, it's difficult to see TLW going anywhere but up in the near term. And about time too.

[frontdoor bull] 12/3/2021 14:14

What a lovely chart.

[umitw] 12/3/2021 14:13

Are the shorters closing ?

[thunders] 12/3/2021 14:07

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
BARC Barclays Plc Goldman Sachs Neutral Buy 240 240
CNA Centrica Plc Societe Generale Hold Buy 77 77
PDL Petra Diamonds Ltd Berenberg Hold Buy 36 36
RTO Rentokil Initial Plc Deutsche Bank Hold Buy 565 565

TLW Tullow Oil Plc Morgan Stanley Equal-Weight Overweight 75 75

Tullow price 75 and then 100 and then 125 ...and on and on

[aalli] 12/3/2021 13:31

Above 60 close today.

[mcsean2164] 12/3/2021 13:23

Wouldn't be so sure about that, FTSE 250 trackers will have to buy tullow...

[aalli] 12/3/2021 13:19

Will increase on the dip (nothing goes up in a straight line)

[aalli] 12/3/2021 13:19

I was tempted.... but resisted & now decided to wait for a quid minimum

[fizzmiss] 12/3/2021 12:22

Sold, think we might see a little profit-taking and will buy back in on the fall back IMHO

[gibbs1] 12/3/2021 11:09

SMALL-CAP WINNERS & LOSERS: Tullow Oil rises on Morgan Stanley upgrade

Fri, 12th Mar 2021 10:30
Alliance News

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.



SMALL-CAP - WINNERS



Tullow Oil PLC, up 7.8% at 59.48 pence, 12-month range 7.17p-59.96p - hitting this high earlier on Friday. Morgan Stanley raises the oil and gas firm to Overweight from Equal Weight. On Wednesday, Tullow had said its 2020 results were in line with its expectations despite difficulties caused by the Covid-19 pandemic. Tullow said it had been reviewing its business plan and operating strategy with creditors and their advisers, and the plan is expected to generate material cash flow and create a "solid foundation" to address near-term debt maturities. "The group is confident that a mutually satisfactory agreement on debt refinancing can be reached in the first half of this year," said Tullow.

[p_dharmendra] 12/3/2021 11:07

Can reach New CEO past history is very well

[pollysmate] 12/3/2021 10:52

I remember in the mid eighties Tullow was 7p over a few years it eventually reached about £15 then came oil price collapse went down to 6p now 60p. Will we ever near £15 again? I suppose we can dream.

[xxnjr] 12/3/2021 10:16

Apparently he doesn't run it anymore

[dbensimon] 12/3/2021 10:08

60p calling

[ariane] 12/3/2021 08:35

Tullow troubles puncture Kenya's oil dream
Friday, March 12, 2021
Tullow Oil


By
Brian Ambani

Nation Media Group


Had everything gone according to plan, Kenya would be set to begin its commercial export of crude oil on a large scale next year, after success in export of a consignment in 2019, which was obtained from the pilot phase of the project.

Instead, yesterday, the firm announced that it is now shifting attention and over 90 per cent of its resources to West Africa, with Tullow Chief Executive Rahul Dhir saying the company will be channeling resources to projects it considers to be productive in a move to cut costs.

“After a year of significant change for Tullow, we are now executing a robust, cash generative business plan which is focused on our most productive assets,” said Mr Dhir.

Tullow Oil also once again watered down the value of its stake in the Kenyan oil project by Sh46.8 billion on low global oil prices, casting doubt over the project’s future.

The company has also reduced capital injections in Kenya, and has allocated Sh548 million for the project this year compared to Sh4.4 billion last year and Sh7.6 billion in 2018.

The Africa-focused oil explorer said that it is buying time to see if its efforts to drill oil in Kenya would still be worthwhile at low global oil prices as it assesses options on whether it will have to discard the project entirely.

Tullow has already disposed of its assets in Uganda to Total for Sh62 billion ($575 million), leaving Kenya as the only country the firm has an interest in outside of West Africa.

Tullow owns a 50 per cent stake in two blocks in the oil-rich South Lokichar basin, blocks 10BB and 13T, while French oil firm Total and Canadian-based Africa Oil equally hold the remaining stake.

Tullow and Total were reported to be looking for suitors to buy half of their stakes in the project early last year but failed to find a suitor.

The licences for the joint venture partners was extended by the government until December of this year.

Economist Churchill Ogutu says that when the valuation of an asset drops, firms owning the asset take their time to decide on what to do with the asset, but that the companies would be reluctant to dispose of the asset on the lower prices and instead wait for the value to level up.

“If they (Tullow) were to sell their stake in the project now, it would mean they would do so at lower prices due to the lower valuation. This means that if they want to bail out and fetch a good price for their assets, they might wait until oil prices recover to do so,” Mr Ogutu said.

Kenya had identified the South Lokichar basin as the anchor of the onshore oil drilling project, a region Tullow estimates to contain 560 million barrels in oil reserves with a capacity to produce up to 100,000 barrels per day.

The government aimed to use the Early Oil Pilot Scheme (EOPS) to collect technical data that would be used to formulate a Field Development Plan (FDP) and also debut Kenya’s oil to the international market.

The firms also aimed to get funding to build a crude oil processing facility in the area to process the find, build a Sh120 billion pipeline from Lokichar to Lamu and also acquire land and water access rights before they commit to the project.

Tullow, which is facing liquidity issues even as it records year-on-year losses and mounting debt, termed the pilot scheme a “success”; at its end last year despite continually missing targets to make a final investment decision on the project which would secure the project’s future.

Tullow has placed blame over delay in committing to the project on government’s delay in gazetting land for the project, slow progress in giving it access to waters from Turkwell Dam and river and delays by the National Environment Management Agency (Nema) to approve the project's Environmental and Social Impact Assessment (ESIA) report.

“Tullow and its joint venture partners expect to complete a revised assessment of the project by the second quarter of 2021. In parallel, the joint venture partners are also working closely with the government of Kenya on securing approval of the Environmental and Social Impact Assessments and finalising the commercial framework for the project,” Tullow said in its results statement on Wednesday.

Tullow stopped trucking oil from Turkana to Mombasa in November 2019 citing damage of roads in the area by rain, but the process has not resumed since.

But the government is still optimistic on the project and plans to sell 1.2 million barrels of oil and drill 75 oil wells in Lokichar by 2023.

Treasury has allocated Sh270 million for oil exploration and distribution this year, while Sh253 million was given for the same last year.

Meanwhile, Sh200 million was used in 2019-2020 for preparatory works on the proposed Lokichar-Lamu crude oil pipeline, while Sh400 million was also allocated for the project this year.

Tullow sought compensation of Sh204 billion from the Ministry of Petroleum last year for exploration costs incurred on the project.

Kenya has gazetted 63 oil blocks with almost half already floated to foreign multinationals while 35 remain up for grabs while the licensees have already dug up 94 oil wells.

Petroleum Cabinet Secretary Munyes and his Principal Secretary Andrew Kamau could not be reached for comment to discuss the merits of the project.

[e-mail]

[nicebut] 12/3/2021 08:29

I see Odey has increased his short on 4th to 2.1%...Hope he burns.

[frankmcalorum] 12/3/2021 08:26

Yeshttps://www.fidelity.co.uk/shares/ftse-250/

[aalli] 12/3/2021 08:18

Are we in ftse250 now?

[ariane] 12/3/2021 08:17

TULLOW OIL PLC (TLW)

Real-time Estimate Quote. Real-time Estimate Cboe Europe - CXE - 03/12 08:16:04 am

57.73 GBX +4.58%

[waldron] 12/3/2021 07:25

European markets set for slightly lower open, on course for winning week

Published Fri, Mar 12 20212:08 AM EST

Elliot Smith
@ElliotSmithCNBC

Key Points

The European Central Bank on Thursday vowed to ramp up its bond buying efforts “significantly” in the second quarter after borrowing costs rose across the continent.

U.K. GDP growth estimates for January are due Friday morning, along with euro zone industrial production data for January and a raft of February inflation figures from Germany and Spain.

LONDON — European markets are heading for a fractionally lower open Friday, but are on course for a positive week, as a retreat in bond yields eased global jitters about rising inflation.

Britain’s FTSE 100 is seen around 21 points lower at 6,716, Germany’s DAX is set to fall by around 21 points to 14,548 and France’s CAC 40 is expected to inch around 6 points lower to 6,028, according to IG data.