Tullow Oil Share Discussion Threads

[pacsltd] 18/11/2023 08:49

If Iran are brought into the conflict they will be players for about a week. May I remind you that there are two U.S. aircraft carrier groups parked on Iran's doorstep.

[xxnjr] 17/11/2023 19:03

Wow! What a delight!

[kulvinder] 17/11/2023 16:50

Nice recovery today, seems if people are starting to wake here, hopefully push towards 40p next week. Have a nice weekend guys...

[kulvinder] 16/11/2023 16:51

Tell me about it Badger, even all the good news of debt down, all existing loans can be re-negotiated not helped the share price, instead down we go again...

[badger36] 16/11/2023 15:26

Wow. What a disappointment

[kulvinder] 16/11/2023 07:27

I for one hope so, after waiting about 4 years for something to happen here.

[mcsean2164] 15/11/2023 17:54

With debt reduction and fcf, market value of half a billion, I wonder will we see a significant rise in the share price at last.

[xxnjr] 15/11/2023 10:41

Hi Bootycall,

2023 1H Net Debt was $1.9bn, now reducing to $1.6bn at year end.
2023 1H FCF was negative $142m, now forecasting positive $150m for full year.

Both suggest 2H FCF could be up to $300m? which would be good!

[bootycall] 15/11/2023 09:34

Interesting how Tullow continue to play down publicly reaching the nameplate capacity of the FPSO next year. The acceleration of the rig programme makes this outcome look very plausible. Proper forward guidance will no doubt surface in February, after two more wells come on stream. At least they acknowledge the water injector problem is temporary which is what i had anticipated. I suspect they are trying not to crow whilst they negotiate the TEN FDP which the market has spectacularly ignored. Ten has a large condensate field where agreement on pricing of gas offtake is very important. Once the credit maturities are extended on less onerous terms i think the shares will fly.The important thing about having the Glencore facility is that control of the Company appears to be shifting from the bond holders to the shareholders. The implicit threat of a dilutive refinancing which was the wet dream of shorters is starting to disappear fast !
I have not given up on Kenya..I think people will be surprised at the outcome. I think Rahul’s comments on having additional finance options will be the key to the next six months. I believe Kenya has a low sulphur product which is particularly sought after strategically…especially for changes in shipping emissions coming through.Booty

Please do not rely on any facts or opinions contained in the above post when making an investment decision.

[xxnjr] 15/11/2023 09:15

ooops! Sorry to hear that thommie. It happens to all of us now and again. Hope it comes good for you. Dunno much about Jadestone but from the little I do know a recovery seems like a realistic scenario :)

[thommie] 15/11/2023 08:59

Hey xxnjr, jeah I didnt contribute much recently. Im still not anymore invested in tullow, but am still following the bb. Although I wished I still was, as I made some bad reinvestment decisions with the tullow money... :( lets see what happens over the long run.

[ariane] 15/11/2023 07:31

Tullow Oil PLC November Trading Update (4620T)
15/11/2023 7:05am
UK Regulatory (RNS & others)

Tullow Oil (LSE:TLW)



Wednesday 15 November 2023


TIDMTLW

RNS Number : 4620T

Tullow Oil PLC



November Trading Update

Full year 2023 free cash flow guidance increased to c.$150 million

Material step in refinancing strategy with new $400 million debt facility

On track to deliver c.$800 million free cash flow between 2023 and 2025 at $80/bbl

15 November 2023 - Tullow Oil plc (Tullow) issues the following business and full year guidance update. Tullow's next scheduled update will be its Trading Statement on 24 January 2024. The information contained herein has not been audited and may be subject to further review and amendment.

Rahul Dhir, Chief Executive Officer, Tullow, commented today:

"As we approach the end of the year, Tullow's financial position continues to improve. The $400 million debt facility agreed with Glencore is a material step in our refinancing strategy and demonstrates Tullow's continued ability to access long-term capital. With Jubilee South East onstream, our portfolio is generating increased free cash flow, which is accelerating our deleveraging, and we remain on track to deliver c.$800 million of free cash flow between 2023 and 2025."

Business and full year guidance update

-- Full year 2023 free cash flow guidance increased from c.$100 million to c.$150 million primarily driven by increased sales volumes in Gabon and deferral of some capital expenditure.

-- Expected year-end net debt of c.$1.6 billion and gearing of 1.3 times, ahead of guidance.

-- Capital expenditure expected to reduce to c.$370 million (from $400 million) for the full year due to deferrals and cost reductions; decommissioning spend remains c.$70 million.

-- Full year net oil production is expected to be marginally below guidance of 58-60 kbopd, primarily due to Jubilee South East schedule delays and reduced water injection, which is being resolved with higher water injection rates anticipated by year end. Production from the TEN fields and the non-operated portfolio continues broadly in line with expectations.

-- Two Jubilee water injection wells brought onstream in October, three further wells (two producers and one water injector) expected to be drilled before year end, ready for tie-in during the first half of 2024.

-- Ghana interim Gas Sales Agreement extended to allow for ongoing gas export, continuing the c.$4 million per month additional revenue stream; full year net gas production remains c.7kboepd.

-- New $400 million five-year debt facility secured, with proceeds available for liability management of the senior notes maturing in March 2025.

-- Tender offers launched for notes maturing in March 2025 and May 2026 to optimise and proactively manage cash, debt profile and capital structure.

-- On track to deliver c.$800 million of free cash flow from 2023 to 2025 at $80/bbl, supported by a strong production outlook with Jubilee production expected to be maintained at around 100 kbopd gross.

[thommie] 15/11/2023 07:26

22,5m sorry.

[thommie] 15/11/2023 07:25

Anyway. Good proactive way to manage their debt. I like it. If they take out another 150m in bonds doing so, even if is more expensive and less accretive then the last tender offer it leads to ca 15% saved interest rates on lets say 150m bonds, that saves 25,5m per year alone...

[thommie] 15/11/2023 07:23

Wow, interesting updates. Net debt is really on a good way despite heavy investments into jubilee. Another tender offer. Good. I just wonder why they havent done it before the announcement of the 400m debt facility with glencore, which boosted the bonds price heavily... I guess they didnt have enough financial head room before.

[mcsean2164] 14/11/2023 19:46

Whoa, first time in a long time I can remember being pleasantly surprised when checking tlw

Roll on results

[mcsean2164] 14/11/2023 14:12

Might have been worth buying some more back before the rns?

[xxnjr] 14/11/2023 10:19

Haven't received a reply from IR as yet on my w/inj Q. Hopefully some answers in tomorrows update.

The 2025 7% Bonds ($633m outstanding) jumped about 10% to 87.8% yesterday and are now trading at similar levels to the 2026's ($1.6bn outstanding).

[1224saj] 13/11/2023 17:04

What's blown the froth off what was showing a good day

[djderry] 13/11/2023 15:35

I'm already invested Booty but I certainly appreciate your insights.