Tullow Oil Share Discussion Threads

[bones698] 10/5/2023 16:13

Unfortunately as I predicted . The debts are killing the company and the management missed the chance to pay a big chunk of them off by trying to increase production which didn't exactly work . The decline in the fields on some of their assets is highly alarming and with a mkt cap of over 300m still I expect to see this head lower ,a lot lower if I'm honest .

Not sure I see a stretchy that will result in a business worth 300m once the debts are cleared ,selling off the assets won't bring in enough to cover them and why I expect to see this sub 15p maybe even 10p unless oil prices take off . Not likely given the looming recessions and even with OPEC cutting production to try and maintain this level .

Poor management

[hsfinch] 10/5/2023 11:36

Reminds me of the Status Quo song...down down deeper and down. Meanwhile, senior management and staff aint bothered. They're enjoying crazy pay n perks, bonuses and more.

[xxnjr] 09/5/2023 17:18

ref my 58671

"It only takes about 45 days and 63 days to drill and complete w/inj and oil producer respectively. And about 30 days of that happened last year. So in theory a new JSE producer ought to be coming on-line soon assuming the sub-sea infrastructure is ready. And if not ready then just drill a well into main field. I did ask about this but T HQ insisted the 1st new well would be JSE mid-year with the main field well after that. Let's hope they are bluffing as it doesn't make sense to not have a main field well come online now if JSE subsea not ready."

It now seems TLW have had a change of plan. According to Kosmos webcast just finished; 1 main field producer will come on line "shortly", followed by 2 JSE and 1 main field producers over 3Q. Makes a lot more sense and this is quite different to what TLW told us! Positive news though.

[subsurface] 09/5/2023 08:03

Thanks for posting XX if this all works out,very positive more than 110,000 bopd by the end of 2023.
Tullow have issued a sustainability report, 2022 talking of a shutdown on Ten
TEN FPSO: Routine flaring elimination on the
TEN FPSO will be achieved through modifying
our system to allow routing of low-pressure
separated gas from a multi-functional
separator vessel into the low-pressure gas
compression system.
At present, gas routed through a multifunctional separator cannot be mixed with
higher pressure separated gas from the FPSO’s
main high-pressure separator, meaning that
excess gas must be flared. Upon completion
of the gas flow modification, low-pressure
gas will be routed to the appropriate system
and flaring will no longer be required. These
modifications require a full facilities shutdown
are currently scheduled to be completed
during the second half of 2023.

[xxnjr] 09/5/2023 07:08

KOS results explain why Jubilee has been weak but no explanation for TEN.



"Ghana

Production in Ghana averaged approximately 33,600 boepd net in the first quarter of 2023. Kosmos lifted three cargos from Ghana during the quarter, in line with guidance.

At Jubilee, production averaged approximately 72,200 bopd gross during the quarter. Lower production during the quarter, compared to the previous quarter, was largely due to reduced water injection to manage reservoir pressure during Jubilee Southeast drilling. Normal water injection at Jubilee resumed late February.

Drilling on the Jubilee field continues to make good progress with five wells across the Jubilee main reservoir and Jubilee Southeast development expected online from the end of the second quarter through to the end of the third quarter (four producer wells and one injector well). Production at the Jubilee field is expected to rise through to year-end as these new wells come online. The partnership expects new wells to increase gross production at Jubilee by over 50% from the first quarter to more than 110,000 bopd by the end of 2023.

TEN, production averaged approximately 20,300 bopd gross for the first quarter.

Two cargos are expected in Ghana in the second quarter of 2023, which would lead to an underlift position at the end of the second quarter, ahead of an anticipated increase in cargo liftings during the second half of the year as Jubilee production ramps up."

Also worth noting I haven't really noticed a bounce back in Jubilee production for/and since March (from observed tanker movements).

[mcsean2164] 08/5/2023 15:49

I've a feeling he doesn't care much about tullow. If they were buying it'd be reflected in the bond price. He's happy to pay over 10% on the bonds.

[dros1] 07/5/2023 13:13

i have got a filing Raúl is buying back the bonds on the quite

[xxnjr] 05/5/2023 14:50

How else would you get the bondholders to cough up $1.8bn last time round ;-)
[only joking!!!]

[badger36] 05/5/2023 14:09

Guess cesspit of lies, subterfuge and downright arrogance defines them

[hsfinch] 05/5/2023 12:50

Imagine you're a geo or an engineer or an asset manager at TLW. Your'e earning 2 or 3 times what's on offer in the real world of companies making returns for shareholders. Do you tell the truth? Do turkeys vote for xmas?

[bones698] 05/5/2023 12:19

mkt cap 370m with 1.8bn debt and falling production . any dip in oil prices will cause tlw major issues . poor management and decisions made will cost shareholders dearly , still maintain will continue to fall from here until they either sell an asset to pay off a lot of the debt or try raising money. expect to see this sub 20p soon then continue to drift lower depending on oil price movements .

rarely do companies survive with this level of debt and falling income

[sbb1x] 04/5/2023 16:38

Maybe back to 20p not the 7p, I mentioned a few posts back

[badger36] 04/5/2023 13:34

He comes from a land where 90% of all contracts involve graft, back handers and utterly devoid of business scruples. Since his arrival it's on disappointment after another and as for drilling a diviner with two sticks would have more success

[lyreco1] 04/5/2023 10:03

When interest rates were very, very cheap Raul could only manage a disgusting, shocking 10% lender deal; now interest rates are rapidly climbing what interest rates will Raul manage to get next time round on debt (If he ain't booted out ob his inept lazy ass), 25% 30%.

Sack this freeloader asp.

[subsurface] 04/5/2023 09:42

Guyana drilling update from Frontera

Guyana Exploration

On January 23, 2023 Frontera and CGX, joint venture partners (the "Joint Venture") in the Petroleum Prospecting License for the Corentyne block offshore Guyana (the "License"), announced the spud of the Wei-1 well (the "Well"), on the Corentyne block, approximately 200 kilometres offshore from Georgetown, Guyana. The Well, planned to be drilled to a total depth of 20,500 feet, to date has been successfully drilled to a depth of 19,142 feet (5,834 metres). The Wei-1 well is located approximately 14 kilometres northwest of the Joint Venture's previous Kawa-1 light oil and condensate discovery.

The Well has encountered oil-bearing intervals in the western channel fan complex of the northern portion of the Corentyne block in formations of Maastrichtian and Campanian ages. A comprehensive logging campaign in the Maastrichtian and Campanian intervals indicated the presence of oil, confirmed by downhole analysis. Logging while drilling (LWD) and cuttings indicate the presence of hydrocarbons in the upper portion of the Santonian; fluid samples have not yet been fully obtained. Side-wall core samples will be attempted in the Santonian interval when drilling resumes. Preliminary indications from the secondary targets in the Maastrichtian and Campanian are positive, however no assurance can be given that these activities will ultimately produce hydrocarbons in commercial quantities.

While performing additional well logging and data acquisition operations, a wireline fluid sampling tool became stuck in the Well and was not recovered. An open hole sidetrack will begin shortly from below the last casing point and will progress to the planned total depth. The Joint Venture expects to complete Wei-1 operations within the original 4-5 month timeframe as announced on January 23, 2023.

The Joint Venture has updated its Well total cost estimates to $175-$190 million to successfully reach the target total depth, and complete its drilling program. The increase in cost includes the delays associated with the late arrival of the rig, costs associated with fishing and sidetrack operations and associated post well evaluations.

During the three months ended March 31, 2023, Guyana exploration and infrastructure expenditures were $75.3 million compared to $53.5 million during the same period of 2022.


Fishing
This stray equipment that has fallen into the well is referred to as fish or junk,

[xxnjr] 03/5/2023 23:41

"Almost 60 per cent of Unilever shareholders rejected the company’s remuneration report on Wednesday over concerns that the incoming chief executive’s pay, which includes a base salary before bonuses of €1.85mn, is too high."

[lyreco1] 03/5/2023 11:57

Utter disaster, why is Raul still employed???

[xxnjr] 03/5/2023 08:34

It only takes about 45 days and 63 days to drill and complete w/inj and oil producer respectively. And about 30 days of that happened last year. So in theory a new JSE producer ought to be coming on-line soon assuming the sub-sea infrastructure is ready. And if not ready then just drill a well into main field. I did ask about this but T HQ insisted the 1st new well would be JSE mid-year with the main field well after that. Let's hope they are bluffing as it doesn't make sense to not have a main field well come online now if JSE subsea not ready.

[hsfinch] 03/5/2023 08:27

TLW exists simply to benefit senior management, staff and lenders. HR folks, engineers, accounts clerks and the earning 2-3 times what they should be paid. Crazy generous redundancy terms. OAPs refusing to retire unless they get made redundant. And that's in London. Imagine what's going on in Ghana. Lenders love the company... huge loans backed by Jubilee Field yielding double digit returns. But will they get their capital back? At the end of the day, you gotta blame them shareholders who've sat on the side as their shares have crashed from 1500p to 25p.

[subsurface] 03/5/2023 08:02

Rahul contract is due to end soon, and we have the AGM on 24th May.

[xxnjr] 03/5/2023 00:53

Can TLW go bankrupt?

It has to be a possibility if they cannot refinance.

Main risks to survival probably:-

OP crash.

FPSO glitch and pro-longed outage.

JSE + Jub + TEN fail to deliver anticipated growth.

Rahul seems to have made a major clanger in not adding hedges when OP was much higher.

And rather than diversifying the portfolio he's done the opposite and is effectively betting the company on one field/FPSO which is risky.

[mcsean2164] 02/5/2023 16:15

Any idea if tullow is going bust? I find it hard to believe we're back at 26p...