Tullow Oil Share Discussion Threads

[alfiex] 22/3/2024 17:30

Or at home and not working lol

[xxnjr] 22/3/2024 14:46

Honestly. What on earth is going on at TLW?

Yesterday I sent them an email as their RNS regarding timing of this years AGM gave the incorrect AGM date. Replacement RNS was issued.

Today had to send them another email to correct mistakes on there Gabon webpage which says

"Also in 2023, the Government of Gabon approved the extension of several licences to 2026, reflecting the future potential of the fields and the longevity of the Tchatamba facilities."

Wrong again. The licenses were extended to 2046.
Hopeless. Must be all working from home?

[xxnjr] 22/3/2024 09:43

We are all aware that producing oil and gas is dangerous. When accidents happen it is important for leadership to step up. It seems our CEO is more interested in giving himself share options and publishing reams of vacuous greenwashing ESG nonsense. This tells us all we need to know as to where real priorities lie.

[subsurface] 22/3/2024 08:26

They should also clarify if any lost production is covered by insurance?

[mccracken227] 22/3/2024 08:03

Also sadly this inactivity from IR is showing in the share price. They need to get a new PR team.

[xxnjr] 22/3/2024 07:58

Sadly received a reply from IR confirming our worst fears. It's shocking to me that (so far) no RNS and the company has seemingly chosen to ignore events. To make matters even worse, Tullow yesterday released their 56 page sustainability report "Continuing to build a better future through responsible oil and gas development".

I have no idea why the company are behaving in such a manner.

[subsurface] 21/3/2024 23:28

Sad News XX

[xxnjr] 21/3/2024 14:50

I guess it is Tullow?



INCIDENT STATEMENT UPDATE
21 MARCH 2024
Following the incident which took place yesterday at the Perenco Simba field offshore Gabon, the fire has been extinguished and the site has been safely secured. We deeply regret to confirm that there have been five fatalities and one person is still missing. Our thoughts are with the bereaved families and we are focused on supporting them at this time. Emergency teams continue to be deployed on site and to search for the missing person.

Further information will be made available as soon as possible.

TLW have 40% of Simba.
But why no press release?

Bizarrely TLW have just this afternoon released an RNS announcing publication of their 2023 Sustainability Report in which "Safe Operations" is prominently featured. Do they not know what is going on? terrible timing.

[xxnjr] 21/3/2024 14:28

Perenco doesn't exactly receive glowing reports in the media. Some of you will recall a huge 300,000 barrel oil leak in Gabon in 2022





And they polluted my local waters in Poole Harbour with a 200 barrel water/oil mix leak last year.

[xxnjr] 21/3/2024 14:13

Not sure if Tullow (or not). I guess not, otherwise would have been a press release. Depressingly tragic news from Perenco, who operate quite a few fields in Gabon, including most of ours, one of which is Tchatamba.



"At least four people have died and a fifth is missing after a fire on an oil platform off the coast of Gabon, the oil ministry said Thursday.

The fire broke out on Wednesday afternoon on the Becuna platform owned by Franco-British energy company Perenco and located off the Tchatamba oil terminal on Gabon's southeast coast.

"We mourn the loss of four human lives, and a fifth person is still missing," the ministry of oil and gas said in a statement....."

God bless their soles and deepest commiserations to the families of lost ones.

[subsurface] 18/3/2024 01:09

Guyana again

[hubshank] 15/3/2024 23:11

Sorry 20.25m and a 4+m

[hubshank] 15/3/2024 23:10

Wow, some big trades reported after hours 20.5m one of them!!!

[peterboroughmatt] 15/3/2024 17:37

Triple witching today

[up just a little bit] 15/3/2024 17:28

Volume fairly high with a rise over the day. Hedges closing out? Oil price rising? 9 analysts with a target of 71p? Who knows.

[xxnjr] 14/3/2024 22:05

WTI held above $80 tonight.
Brent could be trending higher towards $88 to $90?

[xxnjr] 14/3/2024 20:29

Guyana. History repeating itself?

"London-listed junior Eco Atlantic Oil & Gas is in negotiations with nine companies for the farm-out of a majority stake in a large exploration block offshore Guyana. Eco became the operator of the Orinduik block after it purchased a controlling 60% stake in the permit from Tullow Oil....."

probably not but you never know. What is strange is that our farm out dept never seems to be able to farm anything out, yet when others takeover stuff happens, or starts to happen.

[xxnjr] 14/3/2024 17:17

2164,

When McDade was 'let go' he lost most of his awards. Same would happen now.

[xxnjr] 14/3/2024 17:15

upjust,

I'm more concerned about the CEO being artificially rewarded for rubbish performance and the fact he hasn't been fired!

[mcsean2164] 14/3/2024 17:11

Agree with your assessment xx but we'd lose millions by firing him and have to pay millions more to get someone new. Company on its knees now. He's put in a despicable performance but not seeing better options. No idea why major shareholders have not ousted him.

Useless beyond belief. The failed Capricorn merger etc. the only positive thing he's done is buy back discounted high priced debt which many here including myself were urging.

[up just a little bit] 14/3/2024 17:07

Once again if you are at a loss as a long term holder this may not particularly please you but 71p is better than 27.

[xxnjr] 14/3/2024 17:07

Another issue is the comparator group used to determine relative Total Shareholder Return, which is about the only meaningful metric in bonus award and makes up 50% of bonus.

So for 2023 TLW took out

Aker BP $15.9bn
APA $11.2bn
DNO $940m
Genel Energy $385m
Santos $15.4bn

and replaced them with

BW Energy $650m
Diversified Energy $1.1bn
Maurem et Prom $735m

Why BWE? Maybe because it is a newish company investing a lot in new field developments, installing FPSO's, subsea stuff and drilling lot's of wells to bring new projects to fruitions. (High cash spend relative to production)

Why Diversified Energy? Well it's mainly a gas producer (US onshore) so when it went in the comparator group US Gas Prices were incredibly high due to Ukraine War. US gas prices are much much lower now by a factor of 3X (or 5X, or whatever, its a huge drop) meaning DE's profit has slumped which would have been a fairly safe assumption when they placed DE in the comparator group. The result presumably being favourable to TLW CEO bonus calculations. Coincidence? or not?.....

Anyway what on earth is a US Shale Gas 'Stripper Well" operation doing in the comparator group? Makes absolutely no sense whatsoever.

[up just a little bit] 14/3/2024 17:06

There are nine analysts covering TLW and the concensus is that the company remains a buy with the target of 71p.

[up just a little bit] 14/3/2024 17:03

Six of one half a dozen of the other. Company does not want to shelve out any more cash than it has to so gives shares. Its doing exactly what the plan says. A long term incentive. No-one likes directors receiving perceived rewards when a company underperformed. The incentive remains with shares at this price is to increase the value. If you are buying at this price and the company increases the value then you'd be happy. However there are a huge amount of long term holders who are suffering and feel cheated.