Tullow Oil Share Discussion Threads

[xxnjr] 16/5/2022 10:26

The rig is only doing about 1 knot at the moment (!) although it has travelled roughly 130kms since yesterday. Will soon go off the radar as no signal where it's heading for.

(edit)..... NRA is a Jack-up and being towed by 2 vessels; GH Pathfinder and GH Enterprise, one of which shows destination as "Beebei-1".

Don't think we can read anything into that SS. Seems to be fairly std practise to use a farm down agent (for smaller companies at least). Lack of interest (so far) from potential farminee's may suggest this well is no exactly a shoe in?.... who knows if anyone will take the bate before TD reached? Will be an AGM trading update next week on the 25th.

[subsurface] 16/5/2022 10:00

Hi XX View with interest who will farm in ?

Do you think we can read anything into the fact Tullow are using an Agent to find a farm down?
Total and QP share 25% and we know both are awash with cash.
Nice to get back to drilling.
Great Maps you posted!

[xxnjr] 16/5/2022 09:32

Thanks for posting SS. Guyana is highlighted as "New" in this project portfolio from last month although recall Tullow have been looking for a partner for a while.



Decent maps and prospect description here. Beebei-Potaro seems to be on a terrace (hopefully some sands there!), up-dip of XOM's Pinktail discovery.



The Noble Regina Allen rig for Guyana departed Chaguaramas, Trinidad and Tobago yesterday. Not far. Probably about one week transit. So may spud well by end of May, or Early June?

The AMNI prospect in Ghana is the western fan in what was Tullow's Onyina prospect. Back in the day (2010) Tullow thought the western fan was un-prospective, instead selecting to drill the eastern fan of the Onyina complex. Can't remember the result but it didn't get developed and that part of WCTP was relinquished. All of AMNI's block is basically what Tullow regarded as the greater Onyina fan complex.

[kulvinder] 16/5/2022 09:22

I bet even a Saint has trouble having the patience to hold this share for some upward traction, still watching paint dry here....

[subsurface] 16/5/2022 00:05

Envoi Guyana and Ghana

Envoi has been engaged by London-listed Tullow Oil Plc, to identify companies interested in earning up to 17.5% of their 37.5% non-operated equity interest in the Kanuku Block, offshore Guyana,



Envoi has been commissioned by Amni International Petroleum Development Company Limited (Ghana)




Not sure when these were first posted!

[fizzmiss] 15/5/2022 19:34

Lol, Blah Blah Blahhhhhhhhhhhhhhh!

Kick the can down the roaaaaaaaaaaaaaad! lol

[subsurface] 13/5/2022 23:25

Thanks for all the info XX much appreciated.

[kulvinder] 13/5/2022 15:49

Janhar, a Rocket up the Board of Directors ar*e my friend...

[xxnjr] 13/5/2022 15:21

and from the call

KH "very close to getting to the end of the pathway. Hopefully should get something done within 2 months, or so"

[xxnjr] 13/5/2022 14:28

snippets from Africa Oil

FDP

In Kenya, the revised Field Development Plan for Block 10BB and Block 13T, which was submitted to the Government of Kenya in December 2021, minimizes production-related greenhouse gas emissions, a key focus and objective for the Company. The Company also worked with the project partners to revise the route for the pipeline intended to supply water for operations from the Turkwel Dam to further minimize ecosystem disturbance and cost. A revised ESIA for the pipeline was submitted to the Government in February 2022. The Company is currently awaiting approval of the FDP, along with the Upstream and water pipeline ESIAs. Approval of both the Upstream and water pipeline ESIAs are anticipated in Q2 2022, dependent on the outcome of the farm-out process. Ahead of these decisions, the Company has begun developing stakeholder engagement and community development plans and reviewing and updating relevant environmental, health and safety policies to ensure they are fit-for-purpose for the next stage of project development, should it proceed.

KENYA REVENUE AUTHORITY

The Company’s Kenyan Branch of its wholly owned subsidiary, Africa Oil Kenya B.V., has been assessed for CIT and VAT by the KRA relating to farmout transactions completed during the period 2012 to 2017. The Kenyan TAT has ruled in favor of the Company with regards to the CIT assessments, which amounts to $20.7 million, plus interest and penalties. However, the TAT ruled in favor of the KRA with regards to the VAT assessments which amounts to $24.2 million plus interest. The Company maintains its position that the VAT assessment is without merit and has duly filed an appeal with Kenya’s High Court to challenge the position. The KRA appealed the CIT assessment. The Judge has not communicated a date for the next hearing, at which they are expected to give their judgement. The Company expects it is more likely than not that it will be successful in upholding the CIT and defending the VAT assessments and therefore no liability has been recognized in the financial statements. If the High Court rules against the Company, the Company will consider the option to appeal, factoring in the amount of any financial security required as part of the appeals process. An unfavorable decision could have a material negative impact on the value of the Company’s Kenyan Intangible Exploration Assets.

KENYA LICENSE COMMITMENTS:

Blocks 10BB and 13T are in the second additional exploration periods for both PSCs, which expired on December 31, 2021. In December 2021, as per the license extension obligations provided by the Government of Kenya in September 2020, the Project Oil Kenya JV Partners submitted a Field Development Plan for the 10BB and 13T licenses. This included the additional E&A opportunities
within the 10BB and 13T licenses and holds the licenses in good standing while the Government of Kenya reviews the FDP submissions. Block 10BA PSC is in the second additional exploration period which expires on April 26, 2022. During the second additional exploration period, the Company and its partners are obligated to complete geological and geophysical operations, including 500 kilometers of 2D. Additionally, the Company and its partners are obligated to drill one exploration well or to complete 45 square kilometers of 3D seismic. The total minimum gross expenditure obligation for the second additional exploration period is $19.0 million. The JV partners have not provided any letters of credit or guarantees for this commitment. The Block 10BA E&A plan was included in the proposed FDP for Blocks 10BB and 13T. At March 31, 2022, the Company’s WI in Block 10BA was 25%. The Company expects the three licenses to be renewed once the GoK has completed its review of the FDP submission.

ELECTIONS

General elections are scheduled to be held in Kenya on August 9, 2022. The Company is currently awaiting the approval of the FDP for Blocks 10BB and 13T, submitted in December 2021, The election could delay the approval for the FDP due the formation of a new government.

KENYA LICENSE COMMITMENTS:

Under the terms of the Block 10BA PSC, the Company received approval from the Ministry of Energy and Petroleum for the Republic of Kenya for an extension to the second additional exploration period to April 26, 2022, allowing time for the joint venture to include and align the Block 10BA work program with the proposed FDP for Blocks 10BB and 13T. During the second additional exploration period, the Company and its partners are obligated to complete geological and geophysical operations, including either 500 km2 of 2D or 45 km2 of 3D seismic. Additionally, the Company and its partners are obligated to drill one exploration well. The total minimum gross expenditure obligation for the second additional exploration period is $19.0 million. The JV partners have not provided any letters of credit or guarantees for this commitment. The Company has presented a plan for exploration and appraisal in Block 10BA in the FDP.
This drilling plan was formally submitted in December 2021. At March 31, 2022, the Company’s working interest in Block 10BA was 25%. The Company expects the three licenses to be renewed once the GoK has completed its review of the FDP submission.

[waldron] 13/5/2022 13:13

Have the markets worldwide turn positive

[janhar] 13/5/2022 13:09

6months ago estimated eps was 6 cents per share and is now 25c and debt is much reduced but the share price has barely changed. What do they need to do to get the share price up?????

[xxnjr] 12/5/2022 23:16

from tonight's Africa Oil 2022 1Q release. the very same words they used in the 2021 year end report. Literally a cut and paste job.

"During 2021, the Company and its JV Partners (Tullow Oil and TotalEnergies) have completed the redesign of Project Oil Kenya to ensure it is technically, commercially and environmentally robust. The Company and its partners initiated a farm-out process for Project Oil Kenya in 2021. Advanced discussions are on-going with the interested parties. A successful farm-out is viewed by the Company as a critical step towards the FID for Project Oil Kenya being achieved over the course of next year. There is no guarantee that the Company can successfully conclude a farm-out to new strategic partner(s) on favorable terms. The Company will update the market on this process in due course."

[fizzmiss] 12/5/2022 16:34

Dear oh dear, back to a manipulated max 52p again, how do they get away with such corrupt share price manipulation???

Beggars belief, no wonder Raul has gone in hiding and seemingly all phones have been turned off?

What is going on????

Silence..... Everyone is dismayed and shocked at how corrupt and blatantly easy it is for Sewer Rat Shorter's to manipulate the share price at will whilst the FSA turn a blind eye, historically.

Where is Raul?




He needs to do a day's work and pay them phone bills

[fizzmiss] 12/5/2022 14:08

Woof Woof

TLW always the runt of the litter.

Manipulated lower blatantly as you like!

Where is Raul?

[xxnjr] 12/5/2022 10:49

Thanks for LSE stuff SS. Sounds like Keith Hill optimism has taken a bit of a cold shower. Let's see if AOI add anything tomorrow. Tbh I'm not really counting on Kenya. If it happens then it will be a nice surprise. Ghana improvements and any deals in the offing should get the share price moving (eventually).

[subsurface] 12/5/2022 10:15

Yes XX Iremember Rahul saying they were going to drill simpler wells perhaps entering near the crest of the formations as opposed to lower down dont know if there is a longer term impact on this.

On Kenya from LSE basically no change as yet from IR



Thank you for your email.

We are working closely with the Ministry of Petroleum and Mines to secure approval of the field development plan (FDP). The FDP is conditional on a number of critical work streams for both the Government of Kenya and the JV Partners, including, but not limited to, the successful introduction of a new strategic partner. Constructive discussions with interested parties are progressing as Tullow and the JV Partners look to secure a strategic partner for the project.
These timelines are out of our control, so we have not provided any deadline and are unable to commit to a specific date.

[xxnjr] 12/5/2022 09:23

Going back to the KOS results. Very good drilling stats with the rig during 1Q. Wk1 was finishing off a workover. Leaving about 85 drilling days remaining, during which we spud 3 all of which drilled down to TD and in addition one of the 3 was completed.

[reasonable performance is usually about 30 days to TD and 30 days to complete]

So about 120 days work done in 85.

With McDade at the wheel, some recent wells took 3 to 5 months to drill and complete with disappointing production post hook-up!

80% to 90% FPSO uptime under McDade now 99% with Rahul.

[subsurface] 12/5/2022 08:36

Africa Oil Corp
FINANCIAL RESULTS
After Toronto market close on Thursday, May 12, 2022.
Senior management will hold a conference call to discuss the results on Friday, May 13, 2022 at 10:00 (ET) / 16:00 (CET). The conference call may be accessed by dial in or via webcast:
Hope for Kenya update.