Tullow Oil Share Discussion Threads

[s34icknote] 29/6/2023 09:57

Samuel knows his stuff !!

[s34icknote] 29/6/2023 09:57

Directors buying stake building ! Those in the know buying .Surprised this hasn't moved to 30p

[subsurface] 29/6/2023 08:30

Guyana, another update on the Corentyne block.

Guyana: CGX and Frontera announce details of the Wei-1 oil discovery offshore Guyana

[mcsean2164] 28/6/2023 20:42

Hope to be out before 2025. Uganda has turned into a legally and politically despicable country.

[s34icknote] 28/6/2023 18:28

Let's see if she buys some shares !!!

[alfiex] 28/6/2023 17:24

Must have a good reason to join TullowhTTps://www.bp.com/en/global/corporate/careers/life-at-bp/our-stories/rebecca.html?

[subsurface] 28/6/2023 11:40

Nice to hear from you XX
perhaps I need to recalibrate my expectations,if the market is anything to go by 28p is the state of play.
Lets look again at the season to be jolly.

[xxnjr] 28/6/2023 10:07

Hi Subsurface,

"Best to keep feet firmly on the ground. We were expecting to exit 2022 at 100,000bbls a day."

Sound advice and know where you are coming from, but to be fair, guidance from the company, as per slide 13 of Half Year results pres, was to exit 2022 at c.81,000 bopd


as "No further wells due to be completed in 2H22, next wells expected online in 2Q23"

And whilst Jubilee production had dropped into the 60's the latest well into main field appears to have restored production into the high 70's, possibly even almost 80K (based on last 2 tanker loadings). We should get another tanker loading start any day know which hopefully will confirm this picture.

Of course the new wells into JSE are higher risk as it's an unproven new part of the field but we do seem to be starting from a better position than say 1 month ago. So I'm fairly optimistic on Jubilee!

[bones698] 28/6/2023 08:05

Oil prices dropping ,projects getting pulled and partners pulling out not looking good here with that debt pile still far too high . Profit margins will start to come down . Not much good news out there for tilullow tbh.
Bond payments will help a bit but too little to late imo

[xxnjr] 28/6/2023 07:09

Decent NED appointment

"Phuthuma Nhleko, Chairman of Tullow Oil plc, commented:

"Tullow has a world class resource base and we are focussed on maximising recovery from this. With Mike Daly retiring, I believe it's imperative our Board has a member whose skills are dedicated to our subsurface work, which is at the core of our business model and strategy, and a key driver of value. I would like to warmly welcome Rebecca to the Board. She joins Tullow at a pivotal time ahead of bringing the Jubilee South-East field in Ghana on-stream, that will make a significant step change in our production and free cash flow generation."

[subsurface] 27/6/2023 20:19

Best to keep feet firmly on the ground,We were expecting to exit 2022 at 100,000bbls a day.

We need 120,000 Jubilee and 80,000 Ten imagine how much money / production has been lost still down 20,000 and 60,000bbls per day!

How long does it take to sort out a sales gas Agreement?

Ghana Tax dispute goes to Tribunal in October
A hearing in respect of this dispute is scheduled for October 2023.

Kenya FDP was first submitted in December 2021 and a revised plan March 2023


Africa Press report March 2023



Best to review progress at the End of the year.

[alfiex] 27/6/2023 16:48

Interesting readhTTps://peacefmonline.com/pages/business/economy/202306/489478.php

[badger36] 27/6/2023 13:51

If they were selling would we go up ?

[subsurface] 27/6/2023 12:15

Dissapointed nothing positive on Kenya plan from the conference mainly about renewables.


Next up Tullow


Trading Statement and Operational Update 12th July 2023

[mcsean2164] 27/6/2023 11:34

It doesn't feel like tullow is going to finance given the recent bond purchase. I wonder how things are progressing with Rahul contacts in India?

[s34icknote] 27/6/2023 09:32

Lots of directors buying Increase stake building !Bodes well !

[adrian j boris] 27/6/2023 07:50

Potential buyers waiting for Tullow Oil to pull out of Espoir


Ivory Coast | Oil | The British company Tullow Oil, which owns just over 20% of Ivory Coast's two main crude oil fields, Espoir and Baobab, is looking for buyers for its shares in Espoir

[adrian j boris] 27/6/2023 07:44

Alfiex
27 Jun '23 - 07:25 - 58896 of 58896
0 0 0



Tullow was last month dealt a blow after Total and Africa Oil, who held a combined stake of 50 percent in the oil project, exited piling pressure on Tullow to finance the project and move it to the production stage.

Read: Tullow's partners withdraw from Turkana oilfields

Africa Oil said it was shifting focus to other projects across the continent that are more economically viable while Total had since last been exploring ways of monetizing its stake in the Turkana oil project.

→[e-mail]

[adrian j boris] 27/6/2023 07:40

Alfiex
27 Jun '23 - 07:25 - 58896 of 58896
0 0 0



Tullow was last month dealt a blow after Total and Africa Oil, who held a combined stake of 50 percent in the oil project, exited piling pressure on Tullow to finance the project and move it to the production stage.

Read: Tullow's partners withdraw from Turkana oilfields

Africa Oil said it was shifting focus to other projects across the continent that are more economically viable while Total had since last been exploring ways of monetizing its stake in the Turkana oil project.

→[e-mail]

[alfiex] 27/6/2023 07:25

hTTps://www.businessdailyafrica.com/bd/economy/tullow-oil-to-know-fate-of-turkana-project-by-sept--4284694?view=htmlamp

[ariane] 27/6/2023 06:12

Insider: Tullow Oil and GSK directors spend heavily on shares

26th June 2023 08:37

by Graeme Evans from interactive investor



News of debt reduction at Tullow is a big deal, and one analyst thinks the shares are worth considerably more than this. There’s a different trigger for buying at GSK.

Five Tullow Oil directors have staked over £300,000 on the company’s shares after the West Africa-focused operator took an “important step” tackling its debt pile.

The insider purchases, including one worth £100,000 by chief executive Rahul Dhir, were in the week that Tullow left the FTSE 350 index after a 21% slide in valuation this year.


Despite other energy stocks feeling the impact of lower oil prices, Tullow rallied 10% during its first week back in the FTSE All-Share, as investors welcomed the show of support that followed the company purchasing $166.5 million (£131 million) of its debt.

The tender offer under a Dutch auction process covered some of the $800 million (£629.3 million) of 7% senior notes involved in Tullow’s 2021 refinancing. The borrowings are due for repayment by March 2025, with a further $1.6 billion (£1.3 billion) of 10.25% senior notes having a 2026 maturity.

Tullow said it held a range of options to deal with the remainder of the 2025 notes, with the start-up of the Jubilee South East development in Ghana, meaning the company should be materially free cash flow positive in the second half of the year.

Chief financial officer Richard Miller said: “This transaction, which demonstrates our confidence in the business, is an important step in addressing our debt maturities.”

Net debt stood at $1.86 billion (£1.5 billion) at the end of 2022, compared with 2021’s $2.1 billion (£1.65 billion) as gearing reduced to 1.3 times three years ahead of plan. It had been at three times before the refinancing and 2.2 times in 2021.

Dhir told shareholders at last month’s AGM that gearing of 1x or below would give Tullow the flexibility to pursue “value accretive opportunities or consider future shareholder returns”.

He pointed out that oil prices of $80 a barrel would enable Tullow to deliver $800–$900 million of free cash flow between 2023 and 2025, having generated $267 million on the back of last year’s 6% rise in production to 61,100 barrels a day.

Tullow’s flagship projects include Jubilee in Ghana and its Simba field in Gabon, as well as Espoir in Côte d'Ivoire. Current guidance is for daily production of between 58,000 and 64,000 barrels, with the performance weighted towards the second half.

However, since Dhir’s AGM update the price of Brent crude has fallen back to around $73.50 on fears that higher interest rates will curb global demand.


The shares, which were listed in the FTSE 100 index between 2007 and 2015, were as low as 22p in May, but the debt tender offer meant they rallied 7.5% last Monday and finished the week at 28.1p after the disclosure of the insider purchases.

The most recent investment was made on Friday by chair Phuthuma Nhleko as he spent £39,500 on shares at a price of 27.76p. Other buyers included new finance boss Miller and non-executive director Roald Goethe, with the latter spending £150,000.

Barclays Capital last week raised its price target by 8% to 53p after upping 2023-25 estimates to reflect the reduction in net debt and lower future interest payments on the 2025 notes.

It also pointed out that Tullow’s 2023 income statement will benefit from a $66.5 million (£52.3 million) gain on the purchase of the notes at about 60% of par value.

In May, Peel Hunt analysts had a price target of 80p after forecasting a “step change” in production cash flows in the second half of this year.

Last summer, Tullow’s plans for “very significant” synergies and a material reduction in debt service costs were scuppered when a merger deal with former Cairn Energy business Capricorn Energy fell through.

[s34icknote] 27/6/2023 06:03

Every one buying !! Looking positive ?Director buys as well . Is this finally turning ?

[subsurface] 26/6/2023 22:07

Samual perhaps averaging down?

Old report

[joek1] 26/6/2023 17:37

The RNS said he (S D-A) increased his stake on 19/6. The Advfn trades data showed buys of 45.7m on 16/6 and buys of 5m and "?" of 12.7m on 19/6. That's where his 56m came from. For c£16m. Question - how did he persuade sellers to part with such a large stake in such a short time? We did not see news of any large shareholders reducing their stakes. This, combined with the recent directors buys, does look positive in terms of the future.