Tullow Oil Share Discussion Threads

[xxnjr] 21/6/2024 12:01

60225
Don't be silly! ;-)

[up just a little bit] 21/6/2024 11:59

As in "us".

[xxnjr] 21/6/2024 11:40

Top Shareholders

2023 Annual Report

Substantial shareholdings
As at 31 December 2023 and 5 March 2024 (being the latest practicable date before publication of this Annual Report and financial statements), the Company had been notified in accordance with the requirements of provision 5.1.2 of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules of the following significant holdings in the Company’s ordinary share capital:

16.80%: Samuel Dossou-Aworet
16.47%: Azvalor Asset Management S.G.I.I.C., S.A.
5.09% RWC Asset Management LLP
4.19%: Summerhill Trust Company (Isle of Man) Limited

Only 4 share holdings recorded in the Annual Report.
3 in reality as Summerhill are controlled by Sam D-A?

So who owns the other 60%? Annual Report not very helpful here.
Convenient? Shouldn't the company be more transparent?

[xxnjr] 21/6/2024 11:24

OTOH it's difficult to imagine Tullow remaining independent.

7% bonds are partly being repaid with $400m of 15% debt.
10.25% bonds will be replaced but at what cost?

Surely TLW would be in a much better position, transformed even, if it were absorbed by an undertaking with a lower cost of capital? Sadly though, not suggesting there will be a knock out take out price.

There doesn't need to be a knock out take out price.

Mr Dhir now has about 24.5m shares. As a result of awards, like this


Even at todays SP, Mr Dhir will make a truck load of money. An unfortunate aspect of the scheme AFAICS is, the lower the share price at time of award the more shares the CEO receives, as 50% of annual bonus is awarded not as cash, but as shares.

(Awarded Bonus divided by low spare price = higher no. of shares granted.)

[xxnjr] 21/6/2024 09:52

Isn't it down to the BOD? This is what happened last time around.

".....The Board was disappointed by the operational and financial performance, and the overall executive leadership of Tullow’s business in 2019. On behalf of the Board, I would like to apologise for this poor performance. Production in Ghana fell short of expectations and in November a fundamental review of the performance issues led to a reset of production guidance for 2020 and beyond. In addition, we were unable to proceed with our planned farm-down in Uganda, and the lower quality of oil found in the Jethro and Joe discoveries in Guyana was a further setback."

"Following the executive, operational and financial challenges, Paul McDade and Angus McCoss resigned by mutual agreement in December."

Last time around was a total train wreck. Can't see them doing anything at the moment. The debt repayment program (so far) is on track according to the CEO's plan, FPSO uptime is beyond reproach (99%), wells were drilled very efficiently.

The "plan" has been executed well operationally but doesn't appear to have delivered the anticipated production uplift at Jubilee. Nor TEN (a disaster vs what we were told beforehand). Arguably resulting in a repeat of

"Production in Ghana fell short of expectations"

Maybe at some point, unless things get better in Ghana, Rahul's position will become untenable?

[badger36] 21/6/2024 09:41

Publical traded companies were meant for the benefit of shareholders and an executive team assembled to act as agents of shareholders for the benefit of shareholders. In all listed entities it's just a closed circle working for the benefit of that circle with cross directorships, some sitting on audit/remuneration and it's a back scratching exercise.Dhir is nothing more than another greedy executive with zero ability to executive except his and fellow directors pay and expenses Can't ever see a recovery. Debt will be paid down and the carcass will be swallowed for pence

[subsurface] 21/6/2024 09:07

Anyone think we need a new CEO?

Yes and Chairperson , problem they get voted in at the AGM and not challenged by the big investors.
Tullow needs a Rebrand,
Do they still give a presentation in Ghana ? as they trade on the GSE.part of the shared prosperity?

[xxnjr] 21/6/2024 09:01

In the time that Rahul has been CEO

EnQuest reduced net debt from about $1,350m to about $350m, or reduced by 74%
TLW reduced net debt from about $2.5bn to about $1.6bn, or reduced by 36%
(excludes $500m rec'd from Uganda sale completion, sold before Mr Dhir arrived)

Anyone think the strategy was questionable?

[xxnjr] 21/6/2024 08:36

It would be good if it made any difference!

Brent 2024 YTD: +11%
TLW 2024 YTD: -15%

Brent at Rahul start date: $41.50
Brent now: $85 +105%

TLW at Rahul start date: 31.5p
TLW now: 33p +5%

Anyone think we need a new CEO?

[up just a little bit] 20/6/2024 16:27

Brent, currently 85.6. Jolly good.

[xxnjr] 20/6/2024 15:18

JimPingle

Please do not clutter this board with plugs promoting a political party. I see you've been hitting all the oil and gas boards. You are filtered. Good riddance.

[jimpingle] 20/6/2024 15:10

Dear UpJustALittleBit.

If it makes a difference between labour and reform, id rather support reform.

[xxnjr] 20/6/2024 14:25

Would be good if Tullow could reduce emissions of share options to our under performing management. With a target of Net Zero by 2025.

At the moment the only thing that is 'Net Zero' is the value added to the share price in the 1,450 days and counting that Mr Dhir has been CEO!!!!

[up just a little bit] 20/6/2024 13:38

Maybe you should also refer to the recent RNS related to a long-term carbon offset project in Ghana.

[up just a little bit] 20/6/2024 13:25

To compare with Petrel is insane. Petrel have never produced anything not even 1 barrel of oil.

[badger36] 20/6/2024 12:50

Sounds familiar?From Petrel Board"Written off 20% of Ghana intangible asset as did CLON.They mention this in relation to 2018, but the situation has seenno moves forward since around 10 years earlier - 2008.As if 6 years is not bad enough !No movement , how long does inaction and no prospect of immediatesuccess and therefore realisation of some actual value , need beforethe decision is made to write it ALL off ?But of course , writing all the Ghana intangibles off would lead to ahole in the already suffering balance sheets.

[up just a little bit] 19/6/2024 17:42

Dear Jim,Lets face it, if voting made a difference to either you or me it would be made illegal.

[jimpingle] 19/6/2024 16:20

Vote for Reform, the only party with the possibility of winning.

Save the North Sea, Save our Investments

Tell your family & friends.

Not just for Oil & Gas, but for Great Britain.

Once labour get in, they will not be removed.

A vote for Tory is a vote for Labour, VOTE REFORM

[up just a little bit] 19/6/2024 10:18

Who cares what anyone says. As long as I'm makings money.

[badger36] 19/6/2024 09:53

Who cares at this stage what they say. Every projection on flow has been missed and as for drilling results: just black holes The volume is so pathetic they may as well just list it to trade once a month Why have we still got a US listing when it hardly ever trades. That just another ego trip for Rahul and his claque

[up just a little bit] 19/6/2024 09:01

Indeed the website has for a while shown the next news as the 7th August .

[xxnjr] 19/6/2024 08:02

Reply from IR

"Due to the earlier Half Year Results (on 7th August rather than September), there will not be a July Trading Statement."

[xxnjr] 18/6/2024 16:03

Probably doesn't mean anything. The price is the same as it was 1,500 days ago!
It's just day traders. Momentum traders. Hedge fund program trading etc etc. Still, if you make money doing that..... good luck!

[up just a little bit] 18/6/2024 15:32

Lots of trades around 15:00.