Tullow Oil Share Discussion Threads

[xxnjr] 07/10/2022 07:43

Wouldn't necessarily blame Dorothy who only joined the company in Summer 2018. The value destruction was inflicted by former CEO Paul McDade. Founder and chairman Aidan Heavey must also have been aware but presumably turned a blind eye.

[fizzmiss] 07/10/2022 07:31

Heeeeeeeeeeeeeeeeeeeeeeereeeeeeeeeeeeeee we go, more corrupt share price manipulation.

How much longer can these crooks manipulate the share price lower?

Resign Raul!... please, and give us our company back before it's too late, you ain't doing much to improve the companies worth are ya?

Would hate to see you sell our assets on the very very cheap to charlatans.

Might do some people some good and read about what such crooks did with PMO and complain more to Raul and the FSA.

[fizzmiss] 06/10/2022 16:15

It's not a big sell off, it's simply more of the same we have seen over the last 2 years, it's called corrupt share price manipulation by the MM for an agenda not in the interest of shareholders.

The FSA sit back and do nothing, Raul the inept hides his head in the sand and gets fatter by the day.

PMO all over again but in a more sneaky way IMHO

[kulvinder] 06/10/2022 15:39

Franky you not the only one....

[mcsean2164] 06/10/2022 13:57

The “wise” hedge has already cost 444m

Assume you're talking about the hedge that was forced on tullow in order to get financing at 10% interest? I think we have Dorothy to thank for that but agree, we're looking pretty stupid with the CNE failure

[zingaro] 06/10/2022 12:03

Well, I am happy that Rahul has been progressing the technicals and pruning the excesses of the past, and that all the while the share price has been rising as shares do up a bit down a bit(remember a low of 9 or 10!). Perhaps it was opportune to try to get CNE but if they asked, why not. Not damage done. Carry on up Rahul.

[kulvinder] 06/10/2022 09:22

Finger trouble should state Bid not bit

[badger36] 06/10/2022 08:30

The "wise" hedge has already cost 444m and that was before the latest opec move resulting in a quadruple of profits without it. You must wonder who these clowns are working for. A fifth column it seems

[badger36] 06/10/2022 08:27

Phoenix has a big spread on Tullow Says at 55p it was undervalued?At 10 lower it's time to mutiny

[alfiex] 05/10/2022 15:42

Opec meeting cut by 2ml33rd OPEC and non-OPEC Ministerial MeetingNo 30/2022Vienna, Austria05 Oct 2022The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and Non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022.                      In light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive, which has been consistently adopted by OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to:Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021. Extend the duration of Declaration of Cooperation until the 31st of December 2023 Adjust downward the overall production by 2 mb/d, from the August 2022 required production levels, starting November 2022 for OPEC and Non-OPEC Participating Countries as per the attached table. Reconfirm the baseline adjustment approved at the 19th OPEC and non-OPEC Ministerial Meeting. Adjust the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC). Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every 6 months in accordance with the ordinary OPEC scheduled conference. Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments if necessary. Extend the compensation period to the 31st of March 2023. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and Non-OPEC Ministerial Meeting. Reiterate the critical importance of adhering to full conformity. Hold the 34th OPEC and Non-OPEC Ministerial Meeting on 4 December 2022.

[blackhorse23] 05/10/2022 14:03

Bought CURY (LSE) today

[alfiex] 05/10/2022 13:29

Courtesy of Antonvb on lse.hTtps://oilprice.com/Latest-Energy-News/World-News/Indian-Refiners-Look-To-Lock-In-Oil-Deals-Ahead-Of-Russian-Crude-Embargo.html

[xxnjr] 05/10/2022 12:43

Ref the Bonds. Thought I'd seen this somewhere. Found it again in the latest half year report.

"Management regularly reviews options for optimising the Group’s capital structure and may purchase outstanding debt securities or repay debt from time to time in open- market purchases and/or privately negotiated transactions, and upon such terms and at such prices as it may determine."

At least they are open to it. Just a matter of having the spare cash.

[xxnjr] 05/10/2022 12:37

"Tullow Oil’s failed deal with Capricorn Energy Plc was dragged down by hedge funds taking short positions and “emotional investors” who didn’t properly assess its value, according to its chief executive officer.

After focusing on controlling costs and lowering risk during his first two years leading the Africa-focused company, Tullow CEO Rahul Dhir in June unveiled a tie-up with Capricorn. Those plans were scuppered last week after Capricorn ditched Tullow and announced another deal with NewMed Energy LP.

Capricorn was “aggressive221; in pitching the deal in the spring “and we kind of said ‘ok let’s look at it’ and we saw value,” Dhir said in an interview in Cape Town on Tuesday. After the merger was announced, opposition from Capricorn shareholders grew and became more public.

“You had hedge funds who drove the narrative without any real financial exposure,” the CEO said, adding that some had short positions on Tullow and long positions on Capricorn.

Tullow had agreed to buy Capricorn in an all-stock deal that valued the combined company at roughly £1.5 billion ($1.7 billion). The companies said at the time the transaction would open up opportunities to expand across Africa.

“There were investors who had a very strong negative view on Tullow,” the CEO said, citing one shareholder who criticized the deal as a cultural misfit, despite Dhir previously working at Capricorn in its earlier iteration as Cairn Energy. “I was really struck by the emotion and it was emotion based on history, not on fact.”

Tullow’s business plan remains unchanged and includes finding a strategic partner for its $3.4 billion project in Kenya by the end of the year. The company is mainly concentrating on legacy assets in Ghana, drilling cost-effective wells in an effort to bolster production.

“The great thing for us in the organization has been that people stay focused on the core business,” Dhir said, while maintaining that the deal with Capricorn was still a fair one. “It’s always disappointing when you worked on something that doesn’t happen.”
=======================================================

Interesting. Hadn't realised the initial approach came from CNE. Maybe cos Egypt are effectively bankrupt now which probably means CNE will see delays in receiving cash from Egypt.gov for produced gas.

[waldron] 05/10/2022 11:22

mccracken227
5 Oct '22 - 11:58 - 58070 of 58070
0 0 0

[mccracken227] 05/10/2022 10:58

hTTps://www.bloomberg.com/search?query=Tullow%20oil

[fizzmiss] 05/10/2022 10:33

Yep XXN, Yet another wha wha whaaaaaaaaaaaaaaaaaaaaaaa moment decision made my lazy Raul the inept clown. Everything he has done is toxic for the company and shareholders.

This guy is a jinx, RESIGN THERE'S A GOOD CLOWNY CHAP!

[xxnjr] 04/10/2022 22:54

You called it right mcsean!

Slightly peeved tonight. Remember the block Tullow relinquished days before and to the north of Total's huge Venus discovery. According to Upstream, Chevron have now completed their farm in to Tullow's old block "paying" $100m to our former block partners. Dunno if that is a carry, or what.

[mcsean2164] 04/10/2022 22:32

xxjnr,

Yep, surprised we are not doing well given oilprice and our resources but I need to go back to the drawing board again, it's a while since I've looked into the financials.

45.7p resistance and 45.6p peak today. My scribblings weren't completely off, at least today.

[xxnjr] 04/10/2022 21:47

Ruto. Oh well, looks like OPEC will have to come to the rescue then.

FT - "Saudi Arabia is seeking to raise oil prices at a crucial meeting in Vienna in a move set to anger the US and help Russia.

Riyadh, Moscow and other producers are poised to announce deep cuts at a meeting of the Opec+ cartel on Wednesday, according to people with knowledge of the discussions.

The size of the cut is still to be agreed but Saudi Arabia and Russia are pushing for reductions of 1mn-2mn barrels a day or more, although these could be phased in over several months. The move would probably trigger US countermeasures, analysts said.

“This is not the Saudi Arabia of old and the US has maybe been a little slow or unwilling to acknowledge that in energy matters,” said Raad Alkadiri, an analyst at Eurasia Group.

“If they want a higher oil price, they’ve clearly indicated they’re going to pursue that, even if it results in a tit-for-tat response from the US.”

Wednesday’s meeting of Opec members plus other producers was hastily convened at the cartel’s headquarters in Vienna, with ministers rushing to the Austrian capital for what analysts have billed as the most important gathering in years......"