Tullow Oil Share Discussion Threads

[up just a little bit] 18/7/2024 10:33

An excellent article re the commitment of the Gabon government. "Gabon is making great strides towards monetizing resources at both mature and emerging assets. The GOC has been at the forefront of this. By prioritizing near-field development and supporting exploration campaigns offshore, the country is well on track to increase production"

[subsurface] 18/7/2024 10:28

Gabon

Gabon Oil Company DG to Present Investment Opportunities at African Energy Week (AEW) 2024 Amid Anticipated Production Growth

Tullow CEO to outlne infill drilling and near feild exploration plans
Energy conference – scheduled for November 4-8 in Cape Town.

[up just a little bit] 18/7/2024 10:28

Happy days.

[up just a little bit] 18/7/2024 10:27

Net production from the Simba field was expected to average c.1.3 kbopd in 2024 but there is scope to make up any shortfall from other fields in the portfolio. Therefore cash flow from the portfolio remains unchanged

[up just a little bit] 18/7/2024 10:26

On track to deliver c.$600 million free cash flow over 2024 to 2025 at $80/bbl and sustainable free cash flow generation thereafter.

[up just a little bit] 18/7/2024 10:26

On track to reduce net debt to less than $1.4 billion and cash gearing of net debt to EBITDAX to c.1x at $80/bbl by the end of 2024.

[up just a little bit] 18/7/2024 10:03

Your imagination is fascinating.

[xxnjr] 18/7/2024 09:22

Gabon Update M&P

M&P Gross: 1Q/24 15,499 bopd 2Q/24 15,553 bopd +54 bopd
TLW w/int 7.5% = +4 bopd 1Q to 2Q

TLW agm statement

"As a consequence of the {perenco operated} incident, the Simba field remains shut in while the operator completes the incident investigation. Net production from the Simba field was expected to average c.1.3 kbopd in 2024 but there is scope to make up any shortfall from other fields in the portfolio. Therefore cash flow from the portfolio remains unchanged.

that's 4 bbls of the 1,300 bbls simba deficit accounted for!

"During 2024, operations in Gabon will focus on infill drilling to sustain production or minimise decline across the licences, as well as two ILX wells at the Simba licence.

Since the Simba platform presumably remains shut in, can't imagine the two wells will be drilled anytime soon.

[up just a little bit] 15/7/2024 12:34

Kenya would be nice if it gets sorted especially for the likes of you having lost so much money. 120k barrels added to Ghana may send TLW substantially north. For me I'm happy with Ghana and debt reduction and trading away at these levels. All depends on what price you paid.

[up just a little bit] 15/7/2024 12:12

African governments and oil companies both have their agendas. Kenya needs some form of revenue from the oil, Tullow need an investment plan that's credible. The government in Kenya is on shakey ground and Tullow still don't have the decision from them re the blocks that were ceded to them. So in answer to your question it's six of one half a dozen of the other. All perfectly natural doing business in Africa.

[xxnjr] 15/7/2024 11:38

Who's version do you trust?

(A) Ken.gov

“There were issues in the FDP, given the book value of Tullow’s assets and the huge investment needed to fully unlock the project, Tullow failed to show us how it will raise this money,”

(B) Tullow

"“The process has gained momentum in recent weeks, and we have received what we consider to be encouraging review feedback from the regulator seeking some standard updates,” Mr Srinivasan said in an emailed response.“Having acknowledged the regulatory feedback, we are working to update some of the areas identified to ensure a fine-tuned FDP. At the same time, as the fine-tuning process advances, the FDP review period has been extended for a further six months.”

[up just a little bit] 15/7/2024 11:00

The oil is still pumping and the debt is reducing. The price of Brent is good. Money is being made.

[up just a little bit] 15/7/2024 10:59

Such a happy chap.

[xxnjr] 15/7/2024 10:54

another spinning plate in Rahul's circus act crashes to the ground.

[up just a little bit] 15/7/2024 09:50

Ctc1, many thanks

[ctc1] 15/7/2024 09:13

hxxps://www.businessdailyafrica.com/bd/corporate/industry/kenya-oil-dream-delayed-further-as-tullow-plan-rejected-4690518

[subsurface] 15/7/2024 09:11

Thanks for posting ctc1

[up just a little bit] 15/7/2024 08:59

Can you add the link for the article please.

[ctc1] 15/7/2024 08:54

article from business daily:

Kenya oil dream delayed further as Tullow field plan rejected
Story by John Mutua • 6h • 4 min read
Kenya’s oil wealth dream has been delayed further after the government rejected a commercialisation proposal by British exploration firm Tullow Oil, citing “gaps” in its field development plan (FDP).An FDP outlines how an oil company intends to develop an oilfield, manage the impact on the environment and society, as well as give forecasts for production and costs.The Ministry of Energy and Petroleum said that Tullow had failed to show how it would plug the financial gap given its asset value relative to the billions of shillings needed to fully commercialise the reserves within the oil fields in Turkana.The ministry also cited gaps in the technical capability of Tullow following last year’s withdrawal of Africa Oil and Total, who unconditionally ceded their combined share of 50 percent.“There were issues in the FDP, given the book value of Tullow’s assets and the huge investment needed to fully unlock the project, Tullow failed to show us how it will raise this money,” Davis Chirchir said in an interview, two days before he exited his docket as Cabinet Secretary for Energy Petroleum in a purge by President William Ruto on Thursday.Read: Tullow Oil pays Kenya Sh577m on full control of Turkana project“Tullow also failed to show us how it is filling the gap of the technical gaps left following the exit of Africa Oil and Total. With their exit, there is a huge void in technical ability…. We need them to address these two issues because remember, we do not wish to approve a plan just for the sake of approving it.”Disclosures by Tullow put the book value of its Kenyan assets at $252.6 million (Sh32.58 billion at current exchange rates) by the end of last year, with the company saying that getting a strategic investor would help unlock a higher valuation of the asset.Tullow Kenya BV managing director Madhan Srinivasan confirmed the feedback from the government, saying they will review the FDP within the six-month extension granted to it.“The process has gained momentum in recent weeks, and we have received what we consider to be encouraging review feedback from the regulator seeking some standard updates,” Mr Srinivasan said in an emailed response.“Having acknowledged the regulatory feedback, we are working to update some of the areas identified to ensure a fine-tuned FDP. At the same time, as the fine-tuning process advances, the FDP review period has been extended for a further six months.”The developments are likely to derail Kenya’s ambition of commercially tapping the black gold, with Tullow also delaying maiden exports of the commercially viable oil to 2028, from the earlier target of this year.The approval of the FDP—which will need to be adopted and ratified by Parliament —will enable Tullow to get a government licence to commence commercial drilling of crude oil in the 10BB and 13T oil blocks in Turkana County.Tullow had earlier been given a deadline of December 2021 to present a comprehensive investment plan for oil production in Turkana or risk losing concession on the exploration fields.Read: Tullow now plans Kenya’s first oil in 2028The government hired three consulting firms to review the revised FDP that was submitted in March this year.“We continue to work with the Government of Kenya and Kenyan energy regulator on the approval of the field development plan and remain focused on securing a strategic partner for the development of the project,” Tullow had said.Tullow’s revised FDP, which has now been sent back to it by the Energy and Petroleum Regulatory Authority (Epra), followed the revelation that the commercially recoverable oil from the reserves is significantly larger than previously estimated.An audit by British petroleum consulting firm Gaffney, Cline & Associates led Tullow to revise the production capacity of the oilfields to 120,000 barrels of oil per day (bopd), up from previous estimates of 70,000 bopd.This saw the revision of the FDP that increased the size of the crude oil processing facility in Turkana and the size of the pipeline to evacuate the oil to Lamu, increasing the projected cost of the project from Sh319 billion to Sh377 billion.The revised FDP also increased the diameter size of the planned Lokichar-Lamu crude oil pipeline from 18 inches to 20 inches to handle a higher product volume and drilling of additional exploration wells.Commercially viable oil reserves in Turkana were discovered in 2012 but delays in submission and approval of Tullow’s FDP, uncertainty on getting a strategic investor and last year’s exits by Africa Oil and Total have delayed the project.Last year, Tullow said the future of the project depended on the company getting a strategic investor. At least Sh469 billion is needed to commercialise the project.Tullow is currently searching for a strategic investor to provide funds that are needed to unlock the Turkana oil project, on the assumption that the government will finally approve the FDP.Africa Oil and Total exited the project last year, a move that saw them cede their 25 percent shares each in the blocks to Tullow Oil.But the government is also yet to approve their exit, further adding to the complications likely to hit any potential deal that Tullow will sign with the strategic investor.Epra director-general Daniel Kiptoo in May said that the government was still reviewing applications of the duo, in line with the provisions of the petroleum sharing contracts for these blocks, the Petroleum Act 2019, and all other applicable laws.In 2019, Kenya fetched Sh1.48 billion from the trial export of some 240, 000 barrels of black gold under the Early Oil Pilot Scheme (EOPS).EOPS was meant to test the appeal of Kenya’s oil in the global market, a trial that is key in helping the government gauge potential earnings in case Kenya becomes an oil exporter.→ [e-mail] Provided by SyndiGate Media Inc

[blue square] 14/7/2024 08:30

Last material news on 16th May,
Tullow reached 39.46p on the 30th
May when Brent was $82
Brent now $85, with results on the
7 Aug, is tullow going to edge up
again into the results.
As each month goes by with Brent
over $80 providing they meet guidance
especially FCF guidance, the closer
they get to the safe zone.

[up just a little bit] 13/7/2024 23:32

Subsurface, are you in or out. Straight forward question.

[up just a little bit] 13/7/2024 17:22

What's done is done. Bottom line is debt reduction and revenue coming in and with geopolitical tensions a reasonable oil price.

[subsurface] 13/7/2024 14:49

Catalyst for Tullow growth,or inhibitors?

Ghana Gas
Kenya
Ten development

Uganda more positive thanks to Total

[subsurface] 13/7/2024 14:21

Hi XX thanks for the informative posts
Very happy to produce Oil in Ghana and ship it to the international markets gas is a different story
When the Gas is sold locally problems arise with payment chain in Ghana for example users produce electricity to sell on then try to get the payments.
also Ghana are locked in to take or pay with ENI
The IMF estimates that the take-or-pay contracts and inadequate power tariffs cost the country 2% of its GDP annually since 2019.

BP were smart enough to side step Gas in Senegal and pulled out the government wanted to use gas in the local market bp wanted to export.

Gas export to Europe will be great but far down the line at the moment and Europe needs gas to replace gas from Russia