Tullow Oil Share Discussion Threads

[xxnjr] 20/12/2022 09:47

Even the 10.25% 2026's (Senior, $1.7bn remaining, from memory) have dropped to 81%.

[waldron] 19/12/2022 18:08

19 Dec '22 - 07:44 - 58262 of 58263
0 1 0
US to start refilling SPR. Initially only 3m bbls.


xxnjr
19 Dec '22 - 18:02 - 58263 of 58263
0 1 0
This probably isn't helping the TLW share price either.



"Ghana has stopped making payments on its external debts to bondholders, other commercial lenders and foreign governments, making it the latest deeply-indebted developing county to fail to make good on its foreign obligations.

In a statement on Monday, the country’s finance ministry announced “a suspension of all debt service payments” on external government debts, including foreign currency bonds, commercial loans and “most of our bilateral debt”.....

....."Kevin Daly of emerging market specialist fund manager Abrdn said a default on Ghana’s foreign debts had been expected for some months and was largely priced into its sovereign bonds.

A bond maturing in 2049 with a coupon of 8.627 per cent that was trading at more than 100 per cent of its face value at the end of 2020 has since fallen to less than 33 per cent, with most of the fall coming this year, according to Refinitiv.

Foreign bondholders are expected to announce the formation of a creditor committee in the coming weeks, the first step towards negotiating a restructuring of Ghana’s eurobond debts.

A separate committee of bilateral creditors is also likely. China’s rapid rise as a major bilateral lender this century has given it an increasingly large role in debt workouts. This year it agreed to co-chair with France a bilateral committee to help restructure Zambia’s foreign debts but progress has been slow."

TLW's oil revenue is all offshore; i.e it never enters the country. However the much lauded Gas Sales Agreement when it happens could potentially result in payment delays.

[xxnjr] 19/12/2022 18:02

This probably isn't helping the TLW share price either.



"Ghana has stopped making payments on its external debts to bondholders, other commercial lenders and foreign governments, making it the latest deeply-indebted developing county to fail to make good on its foreign obligations.

In a statement on Monday, the country’s finance ministry announced “a suspension of all debt service payments” on external government debts, including foreign currency bonds, commercial loans and “most of our bilateral debt”.....

....."Kevin Daly of emerging market specialist fund manager Abrdn said a default on Ghana’s foreign debts had been expected for some months and was largely priced into its sovereign bonds.

A bond maturing in 2049 with a coupon of 8.627 per cent that was trading at more than 100 per cent of its face value at the end of 2020 has since fallen to less than 33 per cent, with most of the fall coming this year, according to Refinitiv.

Foreign bondholders are expected to announce the formation of a creditor committee in the coming weeks, the first step towards negotiating a restructuring of Ghana’s eurobond debts.

A separate committee of bilateral creditors is also likely. China’s rapid rise as a major bilateral lender this century has given it an increasingly large role in debt workouts. This year it agreed to co-chair with France a bilateral committee to help restructure Zambia’s foreign debts but progress has been slow."

TLW's oil revenue is all offshore; i.e it never enters the country. However the much lauded Gas Sales Agreement when it happens could potentially result in payment delays.

[xxnjr] 19/12/2022 07:44

US to start refilling SPR. Initially only 3m bbls.

[xxnjr] 17/12/2022 09:00

21m UT Trade.

[kulvinder] 15/12/2022 20:45

Yes we got to hang on to any positive, as it not been a good year with this one.

[mcsean2164] 15/12/2022 19:01

Good thing is the rate of share price collapse seems to be slowing 💪

[crazi] 14/12/2022 09:37

ODEY ASSET MANAGEMENT LLP

0.78%

↓ -0.11%

Tue December 13, 2022

Odey reducing short position yesterday...

[xxnjr] 14/12/2022 09:14

"Tullow Oil plc (Tullow) is pleased to announce the signing of a Production Sharing Contract (PSC) for offshore exploration licence CI-803 in Côte d'Ivoire. Tullow will operate the licence with 90% equity, the remaining 10% is held by PetroCi. CI-803 covers an area of 1,345 square kilometres and is adjacent to licence CI-524 which is also held by Tullow (90%, operator) and PetroCi (10%)."

New block is actually to the Sth of CI-524 in a water depth of 1,800m to 3,000m. If it was in Guyana I might be excited but the existing discovery play fairway in Ghana-CDI is further up the slope in say 900m to 1,800m water depth. CI-803 is very frontier. Total have drilled a few CDI wells at this water depth but those were non-commercial.

[grupo guitarlumber] 14/12/2022 09:04

Frank Prenesti
Sharecast News
14 Dec, 2022 07:15


Tullow Oil has signed a production sharing contract for an offshore exploration licence in Côte d'Ivoire.



UK-listed Tullow will operate the licence with 90% equity and the remaining 10% is held by PetroCi. The licence covers an area of 1,345 square kilometres and is adjacent to licence CI-524 which is also held by Tullow and PetroCi.

“With this new exploration licence, Tullow strengthens its position in the Tano Basin where significant prospectivity has been identified within the proven Cretaceous turbidite plays, similar to the plays which are producing in the adjacent TEN and Jubilee Fields,” the company said on Wednesday.

Reporting by Frank Prenesti for Sharecast.com

[subsurface] 12/12/2022 23:52

Guyana


Guyana launches First Licensing Round for offshore oil and gas exploration and production
14 blocks for tender for shallow water and deepwater areas combined


I wonder how much interest there will be in the Shallow water?

[franky15] 12/12/2022 20:36

https://oilprice.com/Latest-Energy-News/World-News/Bank-of-America-Dovish-Fed-Will-Send-Oil-Back-To-100.html

[kulvinder] 12/12/2022 16:49

Unfortunately we did not...no sign of bottom with all the doom and gloom of strikes looming.

[alfiex] 12/12/2022 16:49

No as usual

[mcsean2164] 12/12/2022 16:09

Is it possible we're actually going to finish the day higher than we started?

[cromw3ll] 12/12/2022 09:34

Yes seems weak compared to peers.

[mcsean2164] 12/12/2022 09:09

There seems to be no bottom 😳

I'll have to look at the data again xxjnr. I suspect you're correct 🙌

[kulvinder] 09/12/2022 10:45

Badger agreed.

[xxnjr] 09/12/2022 10:08

What you are missing mcs, unless I've got it wrong, is the graph in 5239 is crude + petroleum products. I'm just looking at crude import/export itself which ultimately decides the OP doesn't it?

Incidentally according to the FT “At the margin, a seller of 200mn barrels in 2022 would become one of the largest buyers of oil in 2023.” So it does seem they plan to replenish the SPR albeit if OP falls below $70.


Buying the bonds is a no brainer. Assuming there is any spare cash!

What is going on? TEN is a collection of smaller accumulations than they thought or keep telling us. The evidence has been there for several years. Declining production, high GOR, whole series of disappointing wells. Happy to be proved wrong but until they can drill a successful series of TEN wells then production will presumably trend ever lower. And given the high equity (54.8%) it's a material hit. JSE taking JUB to 100K bopd will help of course. But overall suspect the company bopd guidance for 2023 will be disappointing.

[cromw3ll] 09/12/2022 09:30

Have not been here for a while, but WTF is going on with SP? I got out because of CEO, read up on his past a didnt rate him.

[mcsean2164] 09/12/2022 09:29

The 5239 link appear to show net imports?



Oh well. never thought we'd be back at these levels. CAn't understand what is going on, hopefully the new CFO has some ideas, like buying some of the 10% bonds

The 7% ones are trading at 61p



Surely that's a good buy. Buy €61 million, save €39 million due to price difference and another 7 million per year in interest fees or €14 million (23/ 24). Why not?

[badger36] 09/12/2022 09:00

The time for revolt was the embarrassment of the Capricorn mess. The incompetence and now to elevate one of the crew who is responsible is another kick to shareholders

[jugears] 09/12/2022 08:33

About time there was a shareholder revolt imo

[badger36] 09/12/2022 08:31

Dorothy could be forgiven for lack of experience in oil but Dhir is another story entirely. An amazing bounce in oil and the stock has tanked. Drilling a complete bust and the crew feed at the trough, promote people with mediocrity in the CV It's run for benefit of insiders only

[lyreco1] 08/12/2022 21:05

Another snout in the trough of plenty, what shareholders needs is news on deals not more fat cats feeding from shareholder trough of plenty.

Didn't Rahul mention in one of his fist RNS, s that gas deals in Ghana would not contribute much in the name of profits?

Heard it many tomes, Rahul needs to go as he is doing nothing but turn TLW into another PMO but in a more sneaky way. Everything he does is toxic for the share price and value for investors. IMHO

BUT! The share price performance compared to the mega oil price rises in the past don't lie.