Tullow Oil Share Discussion Threads

[mcsean2164] 28/11/2022 09:38

Not sure if the USA will be happy with that idea.

[thommie] 23/11/2022 09:43

Lyreco, couldnt you just stay with your old alias fizz? Filtered again...

[lyreco1] 22/11/2022 22:51

badge, afraid not, Rahul is a Sunday league manager playing in a world cup league

[kulvinder] 21/11/2022 15:14

What has happened to the poo? Looks like it having another sh*t!!!

[badger36] 21/11/2022 15:02

Surely not back to the low 30s. Appalling performance from both Mgt and geological staff. Can they do anything right

[xxnjr] 21/11/2022 11:35

JUB has had 13 cargoes so far in 2H. Ave Brent at shipping date for all 13 cargoes is $96 afaics. If the tanker that is loading today ships at $87; the 14 cargo ave reduces to $95. 2 further Dec cargoes at $87 reduces 16 cargo ave to $94. But the Dec cash may not arrive until January 2023. So ave back up to $95.

Considering (if you remember) the cash from 2 x 1H cargoes at high prices (>$100) only arrived in July then an Ave 2H Brent Price of $95 is pretty much baked in already.

Post hedging prices will be different of course and not every cargo is TLW. But the $250m FCF ought to be safe.

[lyreco1] 21/11/2022 09:50

Fully agree, another jinx from Rahul

[mcsean2164] 21/11/2022 09:41

Not sure about the $95 average for q4....

[blackhorse23] 21/11/2022 08:29

Switching some investment to MCL (LSE) for safe side lol

[florenceorbis] 19/11/2022 10:48

Jamie Ashcroft

08:44 Wed 16 Nov 2022




Tullow Oil says it has delivered on ops and financial targets for 2022

Production being in-line and cuts to some spending plans see Tullow strengthening its balance sheet



Tullow Oil PLC (LSE:TLW) told investors it has delivered on its operating and financial targets in the first 10 months of 2022, as it narrowed guidance for the full year to between 61,000 and 62,000 barrels of oil per day (from 60,000 to 64,000).

“Our producing assets continue to perform well, in line with expectations,” chief executive Rahul Dhir said in a statement.

“We continue to strengthen our balance sheet, with free cash flow guidance for 2022 increased to US$250mln and gearing on track to be less than 1.5 times by the end of the year."

Deferral of certain work programmes see capex and decommission spend reduce to US$360mln and US$80mln for the year, the company noted.

Around half of Tullow’s output comes from the Jubilee field, offshore Ghana, and the company said it intends to add two new production wells at the project before the end of 2022 before a further two are drilled in early 2023 – with all four expected online by the end of H1 2023.

A new well at the TEN field, also offshore Ghana, was brought onstream in 2022 though the results disappointed and the production data continues to be evaluated to optimise future plans.

In Kenya, the company is currently seeking an extension for the review of a field development plan as it seeks to bring in an additional strategic partner.

Some 17,000 boepd of production comes from Tullow’s non-operated portfolio, which is impacted presently by planned downtime for a floating production vessel at the Espoir field, offshore Côte d'Ivoire, for remediation work.

Proactive

[franky15] 18/11/2022 23:15

Email response from IR today Dear Mr. XXXXX You may have seen in the November Trading Statement, the reason for postponing the Capital Markets Update is that there are a number of strategic and operational initiatives that remain ongoing and are expected to evolve throughout the coming months. As a result, we have decided to defer until 2023, when we will be able to provide an update on the strategy and outlook to investors. Specifically with regards to Kenya, the process to secure a strategic partner continues to make progress. Furthermore we are, alongside our JV partners, seeking an extension of the FDP review period, while discussions with the Energy and Petroleum Regulatory Authority of Kenya and the Ministry of Energy and Petroleum are ongoing. Kind regards

[buhdonkatonk] 17/11/2022 15:40

Thanks for the feedback. I'm pretty new to this, and there's only one way to learn.

[lyreco1] 17/11/2022 08:35

Lol not all were impressed lol, you little fibber. But you lot do post under many accounts. Rahul is failing badly to date, like it or not.

[thommie] 17/11/2022 07:26

Buh, thx for your informative postings. I think you have to take into account our working interests in jubilee, respectively in TEN when you calculate well costs.Refering to the last presentation where they mentioned the well costs, it was around 90m per well before rahul took over as Ceo. They planned to achieve 75m per well, but they recently achieved around 60m per well gross costs.So anyway thats a very good achievement. If you followed xxnjrs postings all of us were impressed by the improve speed in drilling. Although not with the expected results in exploration drilling outside known accumulations.

[buhdonkatonk] 17/11/2022 02:38

We may be failing, but we're doing so extraordinarily economically.

[buhdonkatonk] 17/11/2022 02:37

I've got something to talk about. Total capex this year is 360M. That's 45M exploration, 35M on non op, and 5M on kenya. This agrees with 270M reported on Ghana capex. That Ghana capex includes 5 wells drilled and completed, 2 wells completed, and 4 wells drilled for $270M dollars. Essentially, that makes for 9 wells @ $30M each. These were $75M each when management started.

[buhdonkatonk] 17/11/2022 00:16

I do not think this has been mentioned before but the international maritime organization has reduced the Kenya area of the western Indian Ocean from the high risk designation on Jan 1. That's good news for us.

[xxnjr] 16/11/2022 23:20

Nothing to talk about. Hence CMD kicked into long grass. It would certainly make sense to repurchase some of the 2025's; now trading at 68%.

[buhdonkatonk] 16/11/2022 17:27

What is there to talk about at the CMD? Could this be a buyback with the $50M of found money, a debt repurchase/refi, or a debt raise to tackle kenya? I don't think a refi is in the cards as rates have gone up enough to make our terms look reasonable. Maybe he wants to get a longer amortization window so that he can pursue other projects?

[mcsean2164] 16/11/2022 11:31

Yes, agree, the exploration failure is epic.

I guess that's not really Rahul's fault at this stage but going forward he will have to take responsibility. They may need to review what the exploration team has been doing. I wouldn't say sack them all but definitely give them a solid grilling to see what is happening and then decide. Maybe they need approaches to seismic or something like that..

from lse
hxxps://www.offshore-energy.biz/four-more-wells-on-tullows-drilling-agenda-off-ghana/

lse seems to have most of tullow chat.

[thommie] 16/11/2022 10:14

Im really happy, that after the end of the capricorn merger a news alert actually means one and isnt one of the 10 daily holding rnses...Tullow really didnt have any luck doing exploration drilling in the last 6-7 years. But every losing streak sometimes comes to an end. Maybe in cote de ivory just aside the TEN fpso? :)