Tullow Oil Share Discussion Threads

[franky15] 04/10/2022 19:03

https://www.bloomberg.com/news/articles/2022-10-04/kenya-s-ruto-says-africa-must-forsake-fossil-fuels-focus-on-renewables

[xxnjr] 04/10/2022 14:43

Cheers mcs,

Unless we exit the down channel in a negative way:-) LoL!

Seriously though, can't quite see where the positive news may come from other than Kenya perhaps??? We may just have to hope for a Q4 leap in oil prices.

[mcsean2164] 04/10/2022 13:16

xxjnr,

No idea what happens next. I'd suggest exited the red down channel would be good for bulls with resistance at 45.7p

Getting through that might build support but I think positive newsflow needed if we want to see 60p again.

Not investment advice, dyor etc. Just drawing some lines....

[kulvinder] 04/10/2022 09:02

I am afraid this never does what we expect.

[franky15] 04/10/2022 06:42

Surely we should see 44p today , oil up ,markets up

[subsurface] 04/10/2022 05:46

Kenya Next steps Timeline from report dated 14th Sept 2022.

KENYA: Government Has Until November to Review Project Kenya Field Development Plan

Once the FDP is approved the plan together with the Production Sharing Agreement will be sent to Parliament within 30 days as per the Petroleum Act section 31 for ratification with the process expected to take 60 days. Parliament can however refuse to ratify the PSC and the FDP sending it back to the cabinet secretary with reasons for refusal for reconsideration



Africa Oil week
Tullow presentation looking Ahead- Operating successfully in east and west Africa in the 2020s
Rhaul has a 15 minute slot starting 1435.

[xxnjr] 03/10/2022 16:57

thx for the lines mcs. based on that what is likely to happen next?....

[mcsean2164] 03/10/2022 16:17

Just drawing random lines....

[badger36] 03/10/2022 09:25

No more that the UK chancellor about turn the recent farce at Tullow has shown the top table with three CFOs are nothing but amateurs. Even as the dogs on the street knew these clueless fools drove on. Egg on face but it's the shareholder's face Guess a bonus award is next for discussion

[franky15] 03/10/2022 08:55

Oil well up , tullow not moving .. Africa oil week starts today I wonder will tullow have any good news for us .

[hsfinch] 03/10/2022 07:09

Anybody remember iii's TLW board back in the day? Mister1X and Silversnout v Brummell and Big Gray. What a hoot it was. With the share price at 1500p, the former were betting on 3000p and the latter were calling it a penny stock in the making. Where are they now? Show your faces...Brummell and Big Gray.

[alfiex] 01/10/2022 08:29

Thanks xxnjr

[badger36] 01/10/2022 07:29

Jilted Tullow Oil must tackle debt as Capricorn picks up another partnerhttps://www.irishtimes.com/business/2022/09/30/jilted-tullow-oil-faces-tougher-task-tackling-debt-as-capricorn-picks-up-another-partner/

[xxnjr] 30/9/2022 22:50

At a simplistic level assuming TLW have the cash doesn't it mean they can buy a chunk of the debt on the open market at 64% of par? Reducing debt burden and interest payments.

[alfiex] 30/9/2022 17:17

Excuse my ignorance but is that good or bad?

[xxnjr] 30/9/2022 15:59

2025 Bonds now trading at 64%.

[badger36] 30/9/2022 08:33

No they claim in their PR that they failed to turn up. Now that's comical

[crescenter] 30/9/2022 08:30

Has the BoD noticed that theyhave been jilted at the altar by capricorn?

[waldron] 29/9/2022 21:56

UPDATE: Tullow Oil plans to terminate agreement with Capricorn

Thu, 29th Sep 2022 19:35
Alliance News

(Alliance News) - Tullow Oil PLC on Thursday said it intends to terminate its co-operation deal with Capricorn Energy PLC, after Capricorn proposed a merger with NewMed Energy Ltd.

Capricorn also withdrew its recommendation for the previously agreed combination with Tullow in an announcement that was released earlier on Thursday.

The London-based oil and gas exploration company explained that it accepts that "without the recommendation and cooperation of Capricorn the scheme of arrangement cannot practically be implemented and become effective."

Therefore, it decided to not increase its offer for Capricorn.

Further, the company stated that it will not elect to implement its offer by way of a contractual offer.

"The board of Tullow continues to believe the terms of the combination with Capricorn would create value for Tullow shareholders. However, the successful delivery of the business plan, strong operating and financial performance and a high-quality, opportunity-rich portfolio reinforces the board's confidence in Tullow's future," Tullow said.

Earlier Thursday, Capricorn stated it will acquire all of the partnership interests in NewMed in exchange for new Capricorn shares. The exchange ratio will be 2.33 new Capricorn shares for every NewMed participation unit.

The combination will mean Capricorn shareholders hold 10.3% of group's share capital while NewMED unitholders will hold 89.7% of the share capital. The company will trade under the name NewMed Energy, and it expects to retain its premium listing on the London stock exchange.

The merger will create one of the largest upstream energy independents listed in London. Capricorn said that the new company will have a diversified portfolio of "high-quality producing assets

" in Israel and Egypt underpinned by 45% interest in Leviathan, one of the world's "most attractive" gas fields. It will also have long-term contracts which provide strong cash flow visibility.

Under the transaction, Capricorn shareholders will receive a special dividend of USD620 million equivalent to GBP1.72 per share.

Recently, Capricorn - formerly known as Cairn Energy - returned more than USD500 million to shareholders following the receipt of a long-awaited tax refund in India.

The merger exchange ratio values Capricorn, on an ex-dividend basis, at USD338 million or 99 pence per share, a 46% premium to the theoretical ex-dividend price on September 28. The ex-dividend price is the price of a stock without the value of the next dividend payment.

The expected total value of the transaction to shareholders is equivalent to 271 pence per share, a 13% premium to the closing price on September 28.

Chair Nicoletta Giadrossi said: "The board has engaged in a robust and dynamic process to evaluate options for Capricorn and considered a broad range of external factors and market conditions. The combination with NewMed and a cash special dividend represent the delivery of significant value for Capricorn shareholders. We believe this is a compelling transaction which combines near term value realisation with ongoing participation and value creation in a world class gas company."

The board unanimously supported the merger and as a consequence has removed its recommendation from the Tullow deal which it had recommended in June. Although it said it "continues to see merit in the Tullow combination", the NewMed deal offered a more "compelling opportunity to receive value from both upfront cash and via a residual interest in a MENA gas

and energy gas champion."

By Abby Amoakuh; [e-mail]

[fizzmiss] 29/9/2022 20:57

Well what a fluckup that was, yet another GAFF by Raul the numpty, more shareholder money wasted!

Please RESIGN!