Tullow Oil Share Discussion Threads

[eipgam] 15/4/2012 13:11

Uganda

Commercial oil production to start in five years

Ugandans will have to wait for five more years before enjoying proceeds from the much treasured oil resources because plans to meet the earlier target are "quite challenging", oil companies have said.

Contrary to information provided by the government, Total General Manager in-charge of exploration and production Loic Laurandel told the parliamentary Ad Hoc Committee on Oil on Friday that "We have to wait for a minimum of four and a half years. The first oil from these blocks is expected in 2017."

Total joined Uganda's oil sector in February when Tullow Oil transferred two thirds of its assets to China's CNOOC and Total in a deal worth about $2.9b. CNOOC is seen as instrumental in the construction of the oil refinery.

Mr Laurandel said they are presently appraising the areas (Exploration Area 1), New Exploration Area 1, Exploration Area 2, Kanywataba Prospect Area and Kingfisher Discovery Area. Appraising involves getting additional geological data, testing wells and analysing the oil samples, among others.

Government and Tullow Oil had initially planned to have first oil production by 2009 but this was pushed to 2010 and later to 2012 as Ugandans waited in vain.

Mr Laurandel said they face challenges of importing equipment needed for the work because Uganda is landlocked and, therefore, it takes time to get the deliveries to arrive. He said the little oil that would be produced before 2017 would be used within the country by mainly heavy industries.

Since 2011, Tullow has sold 67 per cent of its shares to Total Ltd and Chinese firm, CNOOC, with each now holding a 33.33 stake. Mr Laurandel said over the next two months, they would drill between 15 and 20 blocks. He also said they would invest $300 million within the next 12 months and that by 2017, $10 billion.

A senior official in the Ministry of Energy said in February that commercial oil production is expected to start in 2015 when the oil refinery is completed.

It is expected that the construction of a refinery could take three years and would coincide with the time oil will start flowing.
The government has put it clear that it will not export crude oil for refinery.

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[eipgam] 14/4/2012 12:14

Thanks Ben... copied to AOI thread. Cheers.

[ben chod] 14/4/2012 08:57

seriously i think you need professional help

[monkeymagic3] 13/4/2012 17:40

Sanks, I'm new to this game so can I ask a couple of questions?

(1) how many poodees are there in a poodaa and will quantative easing have any adverse affect?
(2) I think I am right in saying that poodee and poodaa are modern day derivatives of the well known Latin phrase poodeei, poodaaii, poodayoo ( we poodees, we poodaad, we poodayood). If this is the case, where is the cheapest place for me to buy pickled onion monster munch?
(3) how much wood would a wood chuck, chuck, if a wood chuck could chuck poodee?

Appreciate your help.

[sanks] 13/4/2012 10:18

Yeah, he's sitting back till it hits £14 so i can exit my doggie position.
Very kind of him

Hope this helps

[eipgam] 13/4/2012 10:09

85G... that's a very long proposed pipeline coming out of Sudan. 3000kms? You would have think that the Chinese would have to be involved in such a large capital project.

Anyway, bb chatter elsewhere seems to suggest that we can expect further news from the Ngamia prospect within a week or two. And if Tim O'Hanlons comments are anything to go by.....

[sillyname] 13/4/2012 08:16

Tullow Oil: Nomura raises target from 1,650p to 1,663p.

[sanks] 13/4/2012 00:00

Gonna keep my loola on the table till this poodees to a more poodaa level towards my exit target of £14.
Short term loola lift before the poodee poodaa continues

Hope this helps
Sanks

[85gary] 12/4/2012 22:24

That is some presentation eipgam. The more I see, the more I'm fascinated by this region. The combination with Tullow on a lot of their prospects is not lost on me. I looked a while ago at the various players in this area. As an aside I noted that Africa Oil have a holding in Horn Petroleum, so you have a "safe" way to play Somalia as well. I guess all depends on drill results, but maybe risk is spread rather than looking at Red Emporer / Range, although I'm tempted to speculate a small amount in any one of the three after today's drop?

Did you take note of the "proposed pipeline" routing in the pdf coming down from South Sudan? China may have an interest in this routing as they are increasingly concerned of no oil coming out via Sudan. I have no idea how it all plays out, but it has caught my eye. Export through lamu and Mombassa (for Uganda) would provide a welcomed alternative in case of continued problems in Straits of Hormuz and S Sudan via Sudan, assuming trouble continues Sudan / South Sudan over the next few years?

Hopefully no objections from others to chat occasionally on this area? As you say eipgam, worth a look at that pdf just for Tullow part imo.

[eipgam] 12/4/2012 19:44

85gary, they have a new presentation out on their website today


It's not o/t as there is a lot about TLW in it.... AOI seem well pleased to have TLW as a partner.

[eipgam] 12/4/2012 19:20

KingKev2 - 12 Apr'12 - 19:02 - 276 of 278



from the AOI bb.

[eipgam] 12/4/2012 09:38

They may have been attempting to discredit political rivals, and TLW was but a pawn in the game?

[phillis] 12/4/2012 09:37

the question remains: who was behind the atetmpts to blacken TLW's name and reputation

[sanks] 11/4/2012 19:12

Does your name mean "sheep" in Nobland?

[eipgam] 11/4/2012 18:34

proved my point..... sell at £14?

[sanks] 11/4/2012 18:15

Cheers spenny...no point explaining to the other type of poodaays, they're in ramp mode, hence my £14 exit target will not register!

I could, on the other hand, exit and close my poodee position now, but i insist in seeing this one through all the way to poodaa land.

Hope it helps
Sanks.............44p to drip and i'm out

[spennysimmo] 11/4/2012 17:35

He called it short on 27th March when the share price was 15.91. Good call.

[eipgam] 11/4/2012 17:30

Not like me to take the bait... but what a couple of peabrained nincompoops we have here!

"Got me sell order in place at £14.00 Can't wait till it hits...that'll be me done for the year."

Any halfwit can sell at £14 when the share price is £14.40....

[spennysimmo] 11/4/2012 17:22

Good call harry.

[sanks] 11/4/2012 16:12

Got me sell order in place at £14.00
Can't wait till it hits...that'll be me done for the year.

Hope i'm helping all including the ramping poodaays
Sanksalot

[eipgam] 11/4/2012 14:52

Thanks Scally..... never any doubt.

[scallywagkid] 11/4/2012 14:28

Check out tullow website under Uganda, put up earlier today...

Ad hoc Committee

In 2011 Tullow Oil was accused in the Ugandan Parliament of bribing senior Ugandan Government Ministers. Tullow strenuously denied these claims and wrote to the Speaker of the Ugandan Parliament expressing its dismay that the accusations had been made. Aidan Heavey, Tullow's CEO, appeared on the BBC World Service's flagship Africa news programme and also denied the claims stating that the accusations were based on crude forgeries.

On 11 April 2012, a delegation, led by Graham Martin, Tullow's General Counsel and an Executive Director, appeared in front of an ad hoc committee of the Ugandan Parliament which is investigating the claims made against Tullow and other matters concerning the oil and gas industry in Uganda. Mr. Martin and his colleagues answered various questions and handed over a submission and supporting documents to the Committee. The submission and the supporting documents prove unequivocally that the allegations made against Tullow were false and based on forged documents.

Download the submission to the committee PDF (0.98MB)
Download an index for the supporting documentation PDF (0.07MB)
Download the supporting documents zip file (9.33MB)

[85gary] 11/4/2012 13:17

Thanks eipgam.

[eipgam] 11/4/2012 13:05

I hold in a SSAS... a legacy of running my own business, which I sold 11 years ago. Bought AOI on the TSX via my broker.

And I've got a good feeling about Kenya

edit: I think I bought on the TSX.... AOI is dual listed over there, so I bought on the most liquid platform.

[85gary] 11/4/2012 12:28

eipgam. Five exploration wells in East Africa this year according to their website, two currently being drilled, plus seismic. Very aggressive company imo, I see they partner Tullow in many of their activities.....and Heritage free carry Mali!

Out of interest, do you hold in SIPP or trade account via TSX or OMX? cheers.