Tullow Oil Share Discussion Threads

[alfiex] 05/10/2022 14:29

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 13:43

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 13:37

"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 12:22

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

[mccracken227] 05/10/2022 11:58

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

[fizzmiss] 05/10/2022 11:33

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 23:54

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 23:32

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 22:47

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......"

[franky15] 04/10/2022 20:03

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 15:43

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 14:16

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 10:02

I am afraid this never does what we expect.

[franky15] 04/10/2022 07:42

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

[subsurface] 04/10/2022 06:46

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 17:57

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

[mcsean2164] 03/10/2022 17:17

Just drawing random lines....

[badger36] 03/10/2022 10:25

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 09:55

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 08:09

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 09:29

Thanks xxnjr

[badger36] 01/10/2022 08:29

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/