Tullow Oil Share Discussion Threads

[xxnjr] 27/5/2022 22:44

Emphasis on "may" be on TEN. According to Marine Traffic rig destination info, the rig departed Jubilee for Takoradi Port on 21/5. But it doesn't show up on the port data and vessel destination data is often misleading. But there are 2 green dots in close proximity (i.e maybe the rig and an attendant supply vessel) about 11 kms west of where the 3rd well (Nt-06 G/inj) was drilled last year. That location would put the green dots on Enyenra. The plan, unless it has changed, was the 2 Jub completions done by half year, then drill and complete as a producer 1 well on Enyenra, then drill two 'strategic' wells in the N'tomme riser area which will be completed at a later date when the subsea infrastructure is installed. There aren't any green dots at the rigs 2 last locations on Jubilee. (Cyan) green dots are either rig, tug, supply vessels or Martians :) All guesswork really....

I didn't get meaning of res 13/14 either.

Incidentally 5 day ave oil price post loading (which apparently determines cargo pricing) for last 4 Jub cargoes was about $110, $109, $106 and most recent $115. All before hedging. Sadly as petrocom.gh have gone to sleep we don't know which cargoes were TLW, KOS or GNPC.

[thommie] 27/5/2022 19:38

You always make me smile :)So another ship is doing the completion work again on the 2 mentioned wells at jubilee that are drilled and have only to be completed?So drilling 2 strategic wells at TEN in 7 months seems to be too much time?! Are there more planned jubilee wells planned for this year? Btw I didnt get what resolution 13 and 14 mean... Can you explain it?

[xxnjr] 27/5/2022 16:52

If I were a Dutchman, which I'm not, just being a Martian observing anonymous green dots, then I'd suggest the rig (an anonymous green dot) may have moved over to TEN.

[mcsean2164] 27/5/2022 14:53

We've escaped the negative channel, hopefully back to 60p soon...

[kulvinder] 27/5/2022 10:30

My patience is starting to wain here, as this share really is a dog, hit 57 and down it goes again...

[xxnjr] 26/5/2022 17:05

Not exactly a stampede but Brent $117 supportive.

The 200 day moving average should keep gently trending up into higher ground over next 3 months if share price stays above 55p as from 200 trading days ago through 110 days ago the share price was generally between 45p and 50p. As these lower values drop out the 200dma will trend up.

[mcsean2164] 26/5/2022 16:43

I guess they started buying?

[xxnjr] 26/5/2022 11:10

Resolution 14 didn't get through (although 13 did).

13. THAT the Board of Directors of the Company (the Board) be and is hereby generally and unconditionally authorised pursuant to and in accordance with section 551 of the Companies Act 2006 to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for or to convert any securities into shares in the Company up to an aggregate nominal amount of £47,874,631 provided that this authority shall expire at the conclusion of the Annual General Meeting

of the Company to be held in 2023 or on 30 June 2023, whichever is the earlier, save that the Company may before such expiry make an offer or enter into an agreement which would or might require shares to be allotted, or rights to subscribe for or to convert securities into shares to be granted, after such expiry and the Board may allot shares or grant such rights in pursuance of such an offer or agreement as if the authority conferred hereby had not expired.



Special resolutions

14. THAT, if Resolution 13 is passed, the Board of Directors of the Company (the Board) be empowered to allot equity securities (as defined in the Companies Act 2006 (the Act)) (including the grant of rights to subscribe for, or to convert any securities into, equity securities) for cash

under the authority given by that Resolution and/or to sell ordinary shares held by the Company as treasury shares for cash as if section 561 of the Act did not apply to any such allotment or sale, such power to be limited to the allotment of equity securities and the sale of treasury shares for cash:

a) in connection with a rights issue, open offer or other pre-emptive issue; and

b) (otherwise than under paragraph (a) above) up to an aggregate nominal amount of £7,181,195,

and shall expire at the end of the Annual General Meeting of the Company to be held in 2023 (or, if earlier, at the close of business on 30 June 2023) but, in each case, prior to its expiry the Board may make offers, and enter into agreements, which would, or might, require equity securities to be allotted (and treasury shares to be sold) after the power expires and the Board may allot equity securities (and sell treasury shares) under any such offer or agreement as if the power had not expired.

[mcsean2164] 25/5/2022 23:20

I forgot it was on. Did anyone attend?

[mcsean2164] 25/5/2022 23:18

it would've empowered directors to allot equity securities or sell ordinary shares held as treasury shares for cash

Not really following this, does allot equity securities mean they would have been able to issue new shares?

[waldron] 25/5/2022 17:59

Tullow Oil Special Resolution to Sell Shares for Cash Fails at AGM
Published: May 25, 2022 at 11:49 a.m. ET
0

By Joe Hoppe

Tullow Oil PLC said Wednesday that a special resolution at its annual general meeting failed to pass, with just more than half of shareholders in favor.

The oil company said that resolution 14 had 56.05% of shareholder votes in favor. If passed, it would've empowered directors to allot equity securities or sell ordinary shares held as treasury shares for cash.

As a special resolution, it would've needed the support of 75% of voting shareholders to pass.

The company also noted that resolution 16 passed but with low votes in favor, at 75.56%. The resolution authorizes the company to make market purchases of its own shares on the terms of the directors from time to time.

"The board will continue its ongoing dialogue with shareholders and consult as appropriate to fully understand any concerns in relation to these resolutions," Tullow said.

Write to Joe Hoppe at [e-mail]

[the grumpy old men] 25/5/2022 12:34

Tullow Oil reports strong performances in Ghana and Gabon

Wed, 25th May 2022 11:15
Alliance News

(Alliance News) - Tullow Oil PLC's Chief Executive Rahul Dhir, said on Wednesday at the company's annual general meeting that the company had seen a strong operational performance in the year.

Dhir said that the oil and gas company began the year in discussions to address our debt maturities. He said that now, thanks to asset sales, cost savings and some help from oil prices, the company was able to reset its capital structure with a USD1.8 billion bond issue.

Since then, Tullow has recorded strong operational performances in Ghana and Gabon, though it noted some issue as its joint venture project in Kenya.

At its operated assets in Ghana, the company noted improvements in floating production storage and offloading uptime, gas offtake and water injection rates.

It also notable production growth at its Jubilee well where average daily production climbed to 90,000 barrels of oil per day by the end of the year from 70,000 barrels of oil per day at the start.


In Gabon, the company said it has continued to deliver stable production and have matured several prospects around the Simba and the Tchatamba South licences that can sustain and increase production.

In Kenya, the company said it has been working with its joint venture partner to revise its development to target more resources, higher production and reduce project unit costs.

Tullow explained that the plan has been restructured as it was a "commercially difficult" project. It continued that it is working with potential partners to reduce its stake in the project to be "more in line with a company of [its] size".

Elsewhere, Tullow said it retains material positions in emerging basins in Guyana and Argentina. It added that it expects to spud a well in Guyana imminently and anticipated to announce the results from the well in the third quarter of 2022.

Shares in Tullow Oil were up 1.6% at 55.10 pence on Wednesday morning in London.

Phuthuma Nhelko joins the company as non-executive chair, replacing Dorothy Thompson who left the board last year. The company also appoints Jonathan Swinney as its new chief financial officer. Swinney will join from oil and gas company Enquest PLC later this year.

Tullow Oil will publish a trading statement on July 13.

By Heather Rydings; [e-mail]

[grupo guitarlumber] 25/5/2022 10:06

Tullow Oil upbeat on 2022 production as it focuses on Ghana fields


Sarah Collins

May 25 2022 09:31 AM

Irish-listed oil and gas explorer Tullow Oil expects to maintain 2022 production at 59,000 to 65,000 barrels of oil per day as it concentrates on assets in Ghana.

Ahead of the company's annual general meeting in London on Wednesday, Tullow said it was making good progress on its portfolio and was carefully managing costs.

Chief executive officer Rahul Dhir said it has been a “transformational year” for the company.

He said Tullow was preparing to take “advantage" of opportunities in Africa as other firms in the oil and gas sector shift their focus away from the continent.

“As a responsible operator with a long history in both west and wast Africa, Tullow is uniquely positioned to benefit from the opportunities presented by this period of flux,” Mr Dhir said.

“We have the clear potential to grow our business both organically and inorganically and I strongly believe that Tullow can and will deliver substantial value to all our stakeholders in the coming years,” Mr Dhir said.

The oil and gas group has interests in over 40 exploration and production licences across 11 countries.

Last year the firm turned its attention to its interests in Ghana, saying it was also looking for a partner in Kenya and exploring a well in Gabon.

Tullow began its multi-year drilling programme in Ghana in April 2021, and is set to bring on stream more wells this year at the country’s Jubilee and TEN fields.

Last year it successfully pre-empted the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields to US-listed Kosmos Energy, increasing Tullow’s net share of daily production at the two fields by around 4,000 bopd.


The firm is planning to drive a further reduction in costs by taking control of a floating production, storage, and offloading vessel at Jubilee from Japanese contractor MODEC.

There is also "very significant gas resource” in Jubilee and TEN, Mr Dhir said, with “active discussions” ongoing with partner firms and the Ghanaian government.

The company is also exploring the Tano Basin, which spans Ghana and Côte d’Ivoire.

“Combined with the progress we expect to make with our carbon offset projects, Tullow will continue to be a leading investor in Ghana with an integrated offer across oil, gas and local content,” Mr Dhir said.

Davy analyst Colin Grant said there was continued strong demand in the global oil and gas markets after a period of “underinvestment”.

“We feel that the oil and gas sector and indeed all commodity-related assets are poised for a decade of strong relative performance following an equivalent period of underinvestment and neglect by investors that has left valuations at near-record low leaves relative to the market,” he said in a note Wednesday.

Tullow Oil reported a loss after tax for 2021 of $81m (€74m), due exploration costs, impairments and restructuring, a narrowing of its 2020 after-tax losses of €1.2bn.

[subsurface] 25/5/2022 09:14

Perhaps Q/A will shed more light

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[xxnjr] 25/5/2022 08:47

Shareholders are not really interested is what happened 12 to 18 months ago. Appreciate this is the 2021 AGM Statement but some numbers relevant to 'Now' would have been appreciated as additional fodder.

The only titbit scattered amongst the PR BS was production guidance for this year remains unchanged.

[grupo guitarlumber] 25/5/2022 08:27

Tullow Oil PLC said Wednesday that its oil production guidance for 2022 remains in line with the previous forecast of 59,000-65,000 barrels a day.

The oil company said its multiyear drilling program in Ghana continues with a strong performance, and it is in discussions with the country's government for the development of gas resources at the Jubilee and TEN projects.

In addition, Tullow said it is making good progress with the farm down of its equity in Kenya to a strategic partner, and that it is about to start drilling a well in Guyana.

The London-listed group said it will seek to take advantage of opportunities as major oil-and-gas companies shift their focus away from Africa.



Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT



(END) Dow Jones Newswires

May 25, 2022 02:51 ET (06:51 GMT)

[alfiex] 25/5/2022 08:03

Well that's impressed the market

[fizzmiss] 25/5/2022 07:43

Well; as I predicted, where is Waldo, and what has he done for the last 2 years to bring value to investors?

[blueclyde] 24/5/2022 18:59

When will drilling start?

[waldron] 24/5/2022 17:11

MUSTA HASTA DUSTA

[mcsean2164] 24/5/2022 16:40

I only ever think how is the discovery of a duster going to affect the share price. They don't seem very good at exploring.

[kulvinder] 24/5/2022 09:49

Yes this share always manages to disappoint....just hope like you they got some news tomorrow that actually pleases the market.

[janhar] 24/5/2022 09:16

AGM tomorrow- let's hope for some positivity