Tullow Oil Share Discussion Threads

[sarkasm] 24/3/2022 07:32

Tullow Oil PLC Jonathan Swinney appointed CFO of Tullow
24 Mars 2022 - 07:00AM
UK Regulatory (RNS & others)

TIDMTLW TIDMTTM TIDMTTM

RNS Number : 8164F

Tullow Oil PLC

24 March 2022

News Release

Appointment of Jonathan Swinney as CFO of Tullow Oil plc

24 March 2022 - Tullow Oil plc (Tullow) is pleased to announce the appointment of Jonathan Swinney as Chief Financial Officer (CFO) and as an Executive Director of Tullow. Jonathan is currently CFO of EnQuest PLC and will join Tullow later this year. As previously announced, Richard Miller, currently Group Financial Controller, will act as interim CFO until Jonathan arrives at Tullow.

Jonathan brings extensive oil & gas and capital markets experience to Tullow having served as EnQuest's founding CFO since 2010. In this period, EnQuest has developed its business in the UK and in Malaysia and undertaken a number of asset acquisitions and major capital markets transactions. Jonathan is a chartered accountant and a qualified solicitor. He joined Petrofac as the head of Mergers and Acquisitions in 2008 before joining EnQuest and previous to that worked in investment banking.

Phuthuma Nhleko, Chairman of Tullow Oil plc, commented today:

"I am delighted to welcome Jonathan Swinney to Tullow. Jonathan has a proven track record in the oil & gas sector of working in complex operating environments and driving capital discipline and efficiency. He has the right mix of sector and corporate finance experience that Tullow needs and I am looking forward to working with Jonathan and Rahul as we build Tullow as a leader in the African oil & gas sector. I would also like to thank Les Wood, who is stepping down from the Board at the end of this month, for all his hard work and dedication to Tullow over the past five years as CFO."

[waldron] 24/3/2022 06:48

European markets head for lackluster open ahead of NATO summit focused on Ukraine

Published Thu, Mar 24 20221:54 AM EDT

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Holly Ellyatt
@HollyEllyatt
cnbc

Key Points

European stocks are expected to open slightly higher on Thursday with investors keeping a close eye on key meetings of NATO, EU and G-7 leaders in Brussels.

The U.K.’s FTSE index is seen opening 7 points higher at 7,460, Germany’s DAX 8 points higher at 14,296, France’s CAC 40 up 16 points at 6,583 and Italy’s FTSE MIB also up 16 points at 23,706, according to data from IG.

[waldron] 23/3/2022 06:19

Europe Markets

European stocks head for positive open as global markets seek to rebound from losses


Published Wed, Mar 23 20221:46 AM EDT

Updated 24 Min Ago

Holly Ellyatt
@HollyEllyatt
cnbc

Key Points

European stocks are expected to open higher on Wednesday as global markets look to rebound from recent losses due to inflation concerns and the war in Ukraine.


President Joe Biden is heading to Brussels on Wednesday and on Thursday will attend an emergency NATO summit, meet G-7 leaders, and address EU leaders at a meeting of the European Council.

LONDON — European stocks are expected to open higher on Wednesday as global markets look to rebound from recent losses on the back of inflation concerns and Russia’s invasion of Ukraine.

The U.K.’s FTSE index is seen opening 34 points higher at 7,501, Germany’s DAX 103 points higher at 14,547, France’s CAC 40 up 51 points at 6,690 and Italy’s FTSE MIB 159 points higher at 24,113, according to data from IG.

[waldron] 23/3/2022 05:54

EMEA Morning Briefing: Stocks to Rise After Wall Street Rally

23/03/2022 5:42am

Dow Jones News



Wednesday 23 March 2022


MARKET WRAPS

Watch For:

UK producer prices; UK monthly inflation figures; Germany Ifo Economic Forecast; EU FCCI Flash Consumer Confidence Indicator; results from Orpea, Leoni, Petrofac, Ultra Electronics.

Opening Call:

A rally on Wall Street could lift European stocks higher Wednesday, while U.S. stock futures pointed to a higher open. Treasury yields rose sharply for the second day in a row, while the dollar weakened slightly. Meanwhile, oil prices continue to grind lower in early Asian trade, while gold and other commodities also edges lower.

Equities:

European stocks are set to rise Wednesday, following a rally on Wall Street led by technology companies, although investors remain concerned about the war in Ukraine and inflation.

"With few levers remaining to pressure Russia short of military intervention, the market is beginning to price in the loss of a significant amount of Russian oil needing to be backfilled. It could take years for Russian oil markets to normalize, if ever," said Stephen Innes, managing partner at SPI Asset Management.

Investors were also closely watching what might happen with President Joe Biden joining a NATO meeting and EU Summit Thursday in Europe, where sanctions and the Russian oil embargo will likely top the agenda.

Ukrainian President Volodymyr Zelensky was set to make a much anticipated online speech in Japan's parliament. Japan, which has abided by a pacifist constitution after its defeat in World War II, has taken an unusually vocal position on the war in Ukraine, joining in sanctions against Russia alongside the Western nations.

Markets have been choppy as Wall Street adjusts to slower economic growth now that federal spending on various stimulus measures has faded away.

"This is actually fairly normal, but it doesn't feel normal because the last few years have been really strong," said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth.

Investors will soon start readying for the next round of corporate earnings reports as the current quarter nears its close at the end of March, and that could provide a clearer picture of how industries continue handling rising costs.

[fizzmiss] 22/3/2022 18:07

Smug mode again, well I did say what the sewer rat shorters would do to the share price if they got back into the 250 YET AGAIN! Lol

Share price blatant corrupt manipulation as you like.

Yet again we see the manipulated 52p cap

[waldron] 21/3/2022 15:56

proactive


Jamie Ashcroft

15:26 Mon 21 Mar 2022


Tullow Oil looks to grow again with Ghana deal

"Tullow’s finally able to make some strategic moves. Hopefully this is the first of many," one analyst said.

Tullow Oil PLC (LSE:TLW) shares advanced on Monday as the company to up an option to expand its business in Ghana, by acquiring the interests of its partner

It marks a more expansive approach for Tullow which, at lower crude oil pricing, had been more defensively prioritising production, cashflow and debt repayment.

Paying US$118mln in cash the company is acquiring Occidental Petroleum's interests in the Jubilee and TEN fields, effectively increasing its stake in those fields to 38.9% and 54.8% respectively. In terms of production, it adds around 5,000 barrels of unhedged oil per day to the production profile.

Tullow has increased its production guidance for 2022 up to 59,000 to 65,000 barrels of oil per day – which is 30,000 to 32,000 bopd for Jubilee, 13,000 to 14,000 for TEN, and the non-operated portfolio will be 16,000 to 19,000 barrels.

“This transaction underscores our confidence in the assets and meets our objectives of value accretion and deleveraging," said Rahul Dhir, Tullow chief executive.

As a result of the deal, capex for the year rises to US$30mln to US$380mln and at the same time it expects US$300mln of incremental free cash flow (based on an oil price of US$75 in the period between 2022 to 2026).

Tullow’s net proved and probable (2P) reserves increased by 21mln barrels, adding US$355mln of net present value (at US$75mln per barrel).

Laura Hoy, analyst at Hargreaves Lansdown, in a note, said: “With its finances largely under control, Tullow’s finally able to make some strategic moves.

Hopefully this is the first of many.

“But the fact remains that Tullow is behind the curve compared to peers, who are using current conditions to shore up clean energy operations.

“Tullow risks being stuck clawing its way back to profitability while the rest of the industry marches ahead.”

[thommie] 21/3/2022 13:40

DALLAS, Texas, October 14, 2021 - Kosmos Energy (NYSE/LSE: KOS) ("Kosmos" or the "Company") announced today that it has acquired an additional 18.0% interest in the Jubilee field and an additional 11.0% interest in the TEN fields in Ghana from Occidental Petroleum ("OXY") for a purchase price of $550 million with an effective date of April 1, 2021. Consideration due to OXY at completion was approximately $460 million after taking into account closing adjustments.Sorry, forgot to post the kosmos rns part. Here you go.

[thommie] 21/3/2022 13:39

Thats from the rns of kosmos. They already adjusted the complete stake to 460m down from 550m in mid october last year for 18% of jubilee and 11% of TEN.Tullow now took over 3,8% of jubilee and 8,3% of TEN out of it.So you might be right. 150m expected for 12,1% out of 29% sounds logical, if you account a higher price for the jubilee stake, as it's higher reserves and higher flowing production. It means 14,2% of jubilee and 2,7% of TEN did cost kosmos 310m against the 150m tullow paid for the rest.Melting down another 32m of that since mid october (5months) seems reasonable.Although everyone feels it would be better to have gotten a bigger jubilee share instead of TEN, it may turn out the other way round if the TEN problems may be sorted interessiert the future...

[zingaro] 21/3/2022 13:06

This additional equity increases Tullow's 2022 Group capital expenditure forecast by $30 million to $380 million and is expected to generate c.$300 million incremental free cash flow at $75/bbl between 2022 and 2026.
Now 380m / 4 years/ 330 days / 5000 bond = $57.57 free cash flow @ $75 per barrel.
AND a further $165 million @ £100 per barrel.

[xxnjr] 21/3/2022 11:37

Thommie would presume the adjustment on closing is from deal announcement date (11/11/2021) to deal closing date as the original $150m was a net number already back dated to 1/4/2021 from original announcement date. Anyway good to get it closed which suggests Ghana.gov are being facilitative towards TLW.

[the grumpy old men] 21/3/2022 10:41

TOP NEWS: Tullow ups production guidance on higher Ghana asset stake

Mon, 21st Mar 2022 09:20
Alliance News

(Alliance News) - Tullow Oil PLC on Monday said it increased its interest

in the Jubilee and TEN fields in Ghana for USD118 million via a pre-emption right.

Tullow exercised its rights over the sale by US oil firm Occidental Petroleum Corp of its interest to Kosmos Energy Ltd. In October last year, Kosmos had agreed to acquire an additional 18% stake in the Jubilee field and an additional 11% interest in the TEN fields in Ghana from Occidental Petroleum Corp for USD550 million.

Tullow, which is a West Africa-focused oil and gas producer, pre-empted that deal and now has equity interests of 38.9% in the Jubilee field and to 54.8% in the TEN fields, both of which it operates, adding around 5,000 barrels of oil to its daily production.

Tullow subsequently increased its production guidance for 2022 to between 59,000 and 65,000 barrels of oil per day. Its previous guidance was 55,000 to 61,000 barrels a day.

Tullow shares were up 4.8% to 50.04 pence each in London on Monday morning. Kosmos shares were down 2.1% to 463.91p each.

Kosmos said separately that South Africa's national oil company, PetroSA, also is in the process of exercising a pre-emption right on the two assets for around USD10 million.

Following the transactions, Kosmos' interest in Jubilee will be reduced by 3.8 percentage points to 38.3% while its interest in TEN will be reduced by 8.3 points to 19.8%.

Kosmos is a Texas-based deep water oil exploration and production company with assets in Ghana and the US.

The net 2022 production

impact of the pre-emption exercise for Kosmos is a reduction of around 4,000 barrels of oil per day and is expected to result in one less Ghana cargo lifting this year and a reduction in 2022 capital expenditure of about USD30 million.

Hargreaves Lansdown Equity Analyst Laura Hoy said: "Tullow are making good on plans to expand its Ghana operations with an increased stake in two key fields and are taking advantage of buoyant oil prices, aiming to up production and get a larger slice of the growing pie.

"Given the supply constraints at the moment, things shouldn't drop off anytime soon and this should help Tullow recoup the cost of the investment, and then some, relatively quickly. However that's entirely dependent oil prices, so volatility can't be ruled out."

By Greg Roxburgh; [e-mail]

[the grumpy old men] 21/3/2022 10:28

Tullow Oil completes takeover of Occidental Petroleum’s interest in Jubilee and TEN Oil fields from Kosmos Energy

Source: Joy Business

21 March 2022 9:43am

Tullow Oil has announced that it has completed the takeover of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy for $118 million.

According to Tullow Oil, the cash consideration paid on completion was $118 million reflecting closing adjustments and was funded from cash on the balance sheet.

Impact on Tullow’s operation

This transaction takes Tullow’s equity interests to 38.9% in the Jubilee field and to 54.8% in the TEN fields and adds c.5 kbopd of unhedged daily production.

This equates to c.4 kbopd on an annualised basis and increases 2022 Group production guidance to 59-65 kbopd (30-32 kbopd at Jubilee, 13-14 kbopd at TEN and non-op portfolio unchanged at 16-19 kbopd).

This additional equity increases Tullow’s 2022 Group capital expenditure forecast by $30 million to $380 million and is expected to generate c.$300 million incremental free cash flow at $75/bbl between 2022 and 2026.

As of 31 December 2021, the transaction increases Tullow’s net 2P reserves by c.21 mmboe (9%) and has an estimated post-tax NPV 10 valuation of $355 million at $75/bbl.

[subsurface] 21/3/2022 09:49

Some more Numbers to look at Thommie.

Eco (Atlantic) provides new CPR on its assets offshore Guyana, Namibia and South Africa

Eco holds a 15% working interest in Orinduik, Tullow Oil holds 60% and TOQAP holds 25%. TOQAP is company jointly owned by Total E&P Guyana B.V. (60%) and Qatar Petroleum (40%).



ECO 15% = Guyana (Orinduik Block) - Net to Eco 681 mmbbls Oil and 544 BCF Gas

Tullow 60%

[thommie] 21/3/2022 09:23

Good to see things progress as expected. But I did expect the consideration after adjustments to be even smaller. 32m less than the anticipated 150m is ok, but as it's backdated to 1.4.2021 I would have expected more, also reflecting the recent oil price rise. But maybe they are in an underlift situation?

[dealy] 21/3/2022 08:36

but it will almost certainly make money over the next 10 years

[orchestralis] 21/3/2022 08:32

Because it doesn't make any money.

[supermarky] 21/3/2022 08:29

TLW sell oilOil price is going through the roofWhy is the share price so pathetically disappointing?

[waldron] 21/3/2022 07:52

European markets head for lower open as Russia-Ukraine pressure continues

Published Mon, Mar 21 20223:39 AM EDT

Holly Ellyatt
@HollyEllyatt

cnbc

Key Points

European stocks are expected to open lower on Monday as the Russia-Ukraine war continues to put pressure on global sentiment.

The U.K.’s FTSE index is seen opening 1 point lower at 7,406, Germany’s DAX 47 points lower at 14,320, France’s CAC 40 down 33 points at 6,577 and Italy’s FTSE MIB 176 points lower at 23,489, according to data from IG.

[waldron] 21/3/2022 07:41

RNS Number : 3594F

Tullow Oil PLC

21 March 2022

News Release

Tullow completes pre-emption of Deep Water Tano component of Kosmos Energy/Occidental Petroleum Ghana transaction

21 March 2022 - Tullow Oil plc (Tullow) is pleased to announce that it has completed the pre-emption related to the sale of Occidental Petroleum's interests in the Jubilee and TEN fields in Ghana to Kosmos Energy. The cash consideration paid on completion was $118 million reflecting closing adjustments and was funded from cash on the balance sheet.

This transaction takes Tullow's equity interests to 38.9% in the Jubilee field and to 54.8% in the TEN fields and adds c.5 kbopd of unhedged daily production. This equates to c.4 kbopd on an annualised basis and increases 2022 Group production guidance to 59-65 kbopd (30-32 kbopd at Jubilee, 13-14 kbopd at TEN and non-op portfolio unchanged at 16-19 kbopd). This additional equity increases Tullow's 2022 Group capital expenditure forecast by $30 million to $380 million and is expected to generate c.$300 million incremental free cash flow at $75/bbl between 2022 and 2026.

As of 31 December 2021, the transaction increases Tullow's net 2P reserves by c.21 mmboe (9%) and has an estimated post-tax NPV 10 valuation of $355 million at $75/bbl.

Rahul Dhir, CEO of Tullow Oil plc, commented today:

"I am delighted that this important transaction has completed and I am grateful for the continued support of the Government of Ghana and, in particular, the Honourable Minister of Energy whose leadership has been paramount in getting to completion. This transaction underscores our confidence in the assets and meets our objectives of value accretion and deleveraging."

[subsurface] 21/3/2022 07:27

Thanks Alflex

Tullow completes pre-emption of Deep Water Tano component of Kosmos Energy/Occidental Petroleum Ghana transaction


21 March 2022 - Tullow Oil plc (Tullow) is pleased to announce that it has completed the pre-emption related to the sale of Occidental Petroleum's interests in the Jubilee and TEN fields in Ghana to Kosmos Energy. The cash consideration paid on completion was $118 million reflecting closing adjustments and was funded from cash on the balance sheet.



This transaction takes Tullow's equity interests to 38.9% in the Jubilee field and to 54.8% in the TEN fields and adds c.5 kbopd of unhedged daily production. This equates to c.4 kbopd on an annualised basis and increases 2022 Group production guidance to 59-65 kbopd (30-32 kbopd at Jubilee, 13-14 kbopd at TEN and non-op portfolio unchanged at 16-19 kbopd). This additional equity increases Tullow's 2022 Group capital expenditure forecast by $30 million to $380 million and is expected to generate c.$300 million incremental free cash flow at $75/bbl between 2022 and 2026.



As of 31 December 2021, the transaction increases Tullow's net 2P reserves by c.21 mmboe (9%) and has an estimated post-tax NPV 10 valuation of $355 million at $75/bbl.



Rahul Dhir, CEO of Tullow Oil plc, commented today:

"I am delighted that this important transaction has completed and I am grateful for the continued support of the Government of Ghana and, in particular, the Honourable Minister of Energy whose leadership has been paramount in getting to completion. This transaction underscores our confidence in the assets and meets our objectives of value accretion and deleveraging."

[dealy] 21/3/2022 07:23

all looks very positive to me. unhedged as well

[alfiex] 21/3/2022 07:22

Pre emption of Ghana completed :))

[waldron] 21/3/2022 06:09

Oil and Gas
Oil prices jump again on Russia-Ukraine fears, as IEA calls for cut in energy usage

Published Mon, Mar 21 202212:11 AM EDT

Updated 7 Min Ago

Weizhen Tan
@weizent
CNBC

Key Points

Crude futures were up more than 3% on Monday morning during Asia trading — international benchmark Brent crude was at $111.46, and U.S. futures at $108.25.


Oil prices have been volatile in recent weeks – soaring to record highs in March before tumbling more than 20% last week to touch below $100. They jumped again in the latter half of last week.

Ukrainian and Russian officials have met intermittently for peace talks, which have failed to progress to key concessions.

Tight supply continued to worry markets, sparking a call by the International Energy Agency (IEA) on Friday for “emergency measures” to reduce oil usage.