Share Name Share Symbol Market Type Share ISIN Share Description
Tullow Oil Plc LSE:TLW London Ordinary Share GB0001500809 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  2.04 3.87% 54.70 3,769,340 08:12:00
Bid Price Offer Price High Price Low Price Open Price
54.62 54.80 54.88 53.00 53.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 1,457.91 204.27 4.78 11.9 770
Last Trade Time Trade Type Trade Size Trade Price Currency
08:12:05 O 7,249 54.7406 GBX

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Tullow Oil Daily Update: Tullow Oil Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker TLW. The last closing price for Tullow Oil was 52.66p.
Tullow Oil Plc has a 4 week average price of 38.05p and a 12 week average price of 38.05p.
The 1 year high share price is 254.60p while the 1 year low share price is currently 38.05p.
There are currently 1,404,096,650 shares in issue and the average daily traded volume is 70,078,914 shares. The market capitalisation of Tullow Oil Plc is £739,397,295.89.
5huu: I believe the NAV has now become completely detached from the Share price & Market Cap. Hence there is a lot of upside versus risk. They appeared (at least on the call) to not be considering any disposals at this point (preferring to focus capex towards rectifying the issues). I find it a little strange that if you were to do a Kitchen Sinking announcement such as this, wouldn't you wait until the 3rd and final drill results were in? Particularly when you know a poor follow-up announcement will really put the final nail in the share price (not to mention make the new CEO look a little foolish) Which makes me think they have a good vibe about it (particularly as it's taking some time to complete).
pro_s2009: Repsol were about to enter the target zone at Carapa 2 weeks ago. That management has walked from TLW would suggest Carapa is perhaps a failure........ They know the inside info, they can walk away now.........if that were the case. Three days of red normally, would expect another 25% to 40% off the TLW price tomorrow. Anyone buying in today is mad......... imo
mirabeau: Oil and gas producer and explorer Tullow Oil (TLW) has revealed major issues across the business less than a month after trimming production guidance and announcing a shock negative result at its Guyana offshore prospects. Chief executive Paul McDade and exploration director Angus McCoss are both out the door effective immediately after the run of poor performance. Investors looked for a quick exit on the news, causing a massive sell-off and sending Tullow’s share price down by 60 per cent to 57p. The company has cut 2020 guidance to 70,000-80,0000 barrels of oil per day (bopd), down from the 87,000 bopd in 2019, and average production guidance over the next three years is down to an average of 70,000 bopd, compared with Panmure Gordon’s forecast of 100,000 bopd. The biggest year-on-year fall between 2019 and 2020 is expected to be the TEN field in Ghana, with production falling from 28,700 bopd this year to 23,000 bopd. Tullow has struggled with TEN this year and said the guidance cut came from mechanical issues and "faster than anticipated decline" at the Enyanra area. The company kept its forecast of 2019 free cash flow of $350m (£266m), but said this would fall by $200m in 2020 and has suspended the dividend. Chairman Dorothy Thompson has taken on Mr McDade’s responsibilities, and CFO Les Wood has stayed on. Ms Thompson said the dramatic set of changes would eventually improve the company’s performance. “We are taking decisive action to restore performance, reduce our base and deliver sustainable free cash flow,” she said. The Ghana and Guyana issues during the year were accompanied by Tullow choosing to let a farm-out deal for its Lake Albert project in Uganda expire in August over a stalemate with the government. The arrangement would have seen Tullow cut its share from 33 per cent to 11.8 per cent for $900m. The high point in recent months was the initial exploration success at the Guyana offshore wells Jethro and Joe. Excitement over Jethro in August sent the share price over 200p. But last month Tullow and its partners on the project deflated market hopes after further testing showed heavy crude oil at Joe and Jethro instead of the expected light oil. IC View When we moved our Tullow recommendation from hold to sell a year ago, it was the company’s balance sheet that was flashing warning signs. Its debt has come down since then, but the operational performance and portfolio management has become the issue. While the company can’t be blamed for the Guyana wells’ disappointing quality, it did hype them up as “substantial and high value”, in the words of Mr McDade. This could still be the case at the project, but not at the Jethro and Joe deposits. The Uganda situation is more indicative of decision-making problems: reaching deals with governments is the bread and butter of the extractives industry, and the $900m from Lake Albert would have been very useful as a cushion from the collapse in medium-term production. Sell. -
whites123: I really dont get you? You post here almost incessantly yet have no skin in the game. I have a small holding of 85,156 shares yet do not feel the need to even monitor TLW share price weekly yet alone by the minute.. TLW is a very successful international Oil Producer... £1.40 is IMO extremely cheap, but I am biased. Play the game, in out in out in out and shake it all about and proclaim how great you are, or like me and many many others, buy a few shares, sit back and wait for the rewards. You are boring, you are tedious, you are however so great and brilliant I wish I was as successful as you. AFRICA'S LEADING INDEPENDENT OIL COMPANY Tullow Oil is a leading independent oil and gas exploration and production company. The Group has interests in 80 exploration and production licences across 15 countries which are managed as three Business Teams: West Africa, East Africa and New Ventures.
rationaleee: Disappointed in TLW. How can they claim in an RNS that Guyana could be 'potentially transformational' without even knowing if the two discoveries would be commercial or not?! How come TLW became so sloppy?! Should have taken heed of Kosmos saying in their Q3 results that production at TEN would be around 62kbpd for 2020 and around 95kbpd for Jubilee. Had thought with Guyana, TLWs curse of dry wells had lifted but guess it was wrong. TLW should have made an acquisition as I always said - TLW has not taken advantage of this oil price downturn as other E&Ps have. Still a strong business but without as much cash generation potential. Although a 27% drop in share price is justifiable assuming a 20% jump for Guyana discoveries unwinding and 8%-10% accounting for production downgrade. Still a shame and disappointed in holding TLW!
ifthecapfits: Nicked from the ECO thread, as relevant. UPDATED research from Hannam & partners just out Eco Atlantic Oil and Gas Upping our discovered reserve and undiscovered resource estimates for recent success Increasing our risked NAV to 295p/sh: 120% upside to the current share price Despite significant exploration success, Eco’s share price has come down recently on lack of news flow, in our view. Following the recent updates on Guyana, we are increasing our risked NAV to 295p/sh from 216p/sh, as a result of increases to our existing discovered resource estimates, as well as including new exploration prospects, leading to >100% upside to our risked NAV. We are increasing our discovered resource estimates to 69mmboe net to Eco from 56mmboe, based on further data on Hammerhead and Jethro. We are maintaining our risking and US$5.2/boe estimate, which results in a risked value of 85p/sh up from 68p/sh for the discoveries. We have added 5 new Tertiary aged prospects, which we estimate to have 1.1bnboe of gross unrisked prospective resource, based off our evaluation of their areal extents. These prospects are worth 61p/sh risked or >£3.50/sh unrisked. We expect Eco to release a new CPR including discoveries and new prospects in Q1’20. Increases to discovered resource at Hammerhead and Jethro Hammerhead is a major discovery made by Exxon/Hess on the Stabroek Block, which extends onto the Orinduik Block. Eco believes ~10% of Hammerhead could lie on its block and Hammerhead could be 400-800mmboe gross. Eco’s last CPR (prior to the appraisal wells) only gave credit for 2mmboe net to Eco and we have increased this to 9mmboe based on 600mmboe gross, with 10% on the Orinduik block following the positive appraisal results reported by Hess/Exxon. This gives a risked value of 12p/sh or 19p/sh unrisked. On Jethro, we are upping the estimated recoverable resource estimate to 250mmboe from 215mmboe to reflect the results exceeding the partners’ pre-drill expectations. This gives a risked value of 46p/sh or 81p/sh unrisked. The pre-drill estimate for Jethro was 215mmboe in the CPR on a P50 basis or 340mmbbl on a P10 basis. In the P10 case, using an NPV of US$5/bbl, the discovery is worth >US$250mm net to Eco on an unrisked basis. New Tertiary exploration prospects, derisked by Jethro and Joe Eco has recently released a new exploration map, which contains a large number of new prospects that weren’t in the original CPR published in March 2019. At that time the Tertiary play was only just starting to be understood, following the Hammerhead discovery, so there were only a few prospects that were included. The new map contains 8 new prospects of which 7 are Tertiary – we have included the largest 5 of these in our valuation. The Tertiary play has been heavily de-risked by the Hammerhead, Jethro and Joe discoveries. There are now 20 identified exploration prospects on the block, some of which are very low risk such as Jimmy and Jethro Extension, as they are potentially part of the existing discoveries. However, the other Tertiary prospects on the block are likely to have a high chance of success also, given the clear seismic definition and the calibration from the past discoveries. Appraisal and further exploration to come: unrisked value of £17/sh Our risked NAV is 295p/sh, based on a flat long-term oil price of US$70/bbl and a 12% discount rate, on the basis of which we calculate an average NPV of US$5.2/boe for the resources in Guyana. The unrisked value of all the Guyana prospects and discoveries is around £17/sh. Eco also continues to advance exploration and value creation on its four Namibian offshore blocks, where it is seeing increased inbound interest and drilling activity in the region. Eco is a lean organisation with a highly experienced management team, has a proven track record of exercising farm-outs, is fully funded for its current planned activity and beyond, has an early mover advantage in its blocks, and we think management would sell for the right price.
ifthecapfits: About ECO, but relevant to us too. Explorers don't get any more exciting than Eco Atlantic - which is why I have been buying By Gary Newman | Sunday 30 June 2019 30 Shares Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article. Private investors seem to love the boom or bust scenario that applies to many of the exploration drills for oil and gas, but is it really worth taking the risk on these types of plays? In the majority of cases I would say not and I tend to avoid them these days – gone are the times where every drill used to see big share price rises for the companies involved, as a matter of course – as in the event of failure the share price tends to crash badly. Generally the odds are not in your favour as many of these drills have a low chance-of-success, are in regions with little or no existing infrastructure to bring any discovery to market for years, and when smaller companies are involved, often they will only have the funds for one drill, so it is really all or nothing for them. The upside is often the chance of making a large discovery which could be worth many multiples of the current share price. One company which I seem to be seeing mentioned a lot recently is Eco Atlantic (ECO) which is about to embark on its first drill in offshore Guyana, where it has a 15% working interest and is partnered by operator Tullow Oil (TLW) with 60%, and Total with the remaining 25%. It’s Orinduik block has best estimate prospective resources of nearly 600mmboe net to Eco and it is about to embark on two consectuive drills at its Jethro Lobe and Joe prospects, with the former exploring a cretaceous target, as well as the upper and lower tertiary turbidites. But what makes these drills any different to any of the others, as others companies have also been in a position where they are targeting resources of this sort of size. Geographical location is never any guarantee of success just because you happen to be located near to large existing finds, but in this case I would argue that it plays a bigger factor than normal as it is right on the edge of the area where ExxonMobil has already had great success and has discovered over 5.5 billion barrels of oil so far across the Stabroek area, with its Hammerhead block extending into Orinduik, and Eco’s block also being up-dip of these discoveries. Hammerhead found 197ft of oil bearing sandstones. Exxon has already sanctioned the development of the Liza prospect, which is expected to produce up to 220,000bopd, and is embarking on a 30 well programme. It’s rig is currently testing the Longtail-1 discovery, with results due soon – if they are good and land during the Jethro drill it certainly won’t do any harm - and will then move on to drill Hammerhead-3. Exxon has so far achieved a successful strike ratio in excess of 90%, and although that doesn’t guarantee that Eco will also be successful, it certainly bodes well and is why the Eco wells have a COS in excess of 40% for each well, which is about as good as it gets for an exploration drill. Eco isn’t totally reliant on one drill either, as it is funded for these initial two wells plus up to a further six additional wells, so that certainly reduces the risk of a complete share price crash should the first drill prove to be a failure. With everything else going on in the area, I would expect that in the event of success we would see a rapid move towards a situation where any finds are put into production, and the economics for the area are good – the neighbouring Liza field is expected to produce at $35/barrel for phase 1, dropping to $25 per barrel for phase 2, which makes it ones of the lowest cost major offshore developments in the world. Given the size of its partners, funding shouldn’t be a problem for any development, and I would expect a deal to be done to help Eco to finance its share, should that stage be reached. There is of course still plenty of risk involved and if the first drill fails I would expect to see the share price below the current level of around 70p, but also think it would quickly find some report with the second drill straight afterwards. You could also argue that the company isn’t particularly cheap at £127 million market cap, given it is purely an explorer, but the amount of interest generated should it make a big find – and with likely a steady stream of further news to come – will make that look cheap, I believe (similar questions were always raised about the valuation of another favourite of mine, Hurricane Energy, but now that is producing and valued at nearly £1.05 billion). So, if ever you are going to take a bit of a gamble on shares in an exploration drill, then I believe that this is the one to buy in for – I have done myself and it will be the first exploration drill for a small company that I’ve held shares in for a long time, as usually I don’t see the risk as being worthwhile. It also seems like a good level to buy at as the share price has dropped back a fair bit recently and is well below the level that funds were last raised at a few months back. It would seem that the Canadians would agree, as the shares are dual listed on the TSX and are currently trading there at the equivalent of 86p, and it is unusual to see such a big discrepancy between that and the London price. If this drill attracts the level of interest that I am expecting, then there may well be the chance to derisk some of your holding before results come, but this is one where I will be leaving at the very least part of my investment to run and see how things pan out several drills down the line. For an exploration drill, I would rate this as about as strong a buy as you really get for that scenario, and if it is successful I can see a lot of upside from the current share price, just based on the first drill alone.
sarkasm: Investomania 4 attractive resources stocks? BP plc, Glencore PLC, Tullow Oil plc and Premier Oil PLC Do these resources stocks offer growth potential? BP plc (LON:BP) (BP.L), Glencore PLC (LON:GLEN) (GLEN.L), Tullow Oil plc (LON:TLW) (TLW.L) and Premier Oil PLC (LON:PMO) (PMO.L) June 27, 2019 Robert Stephens, CFA FTSE 100 BP plc BP plc The outlook for resources shares BP plc (LON:BP) (BP.L), Glencore PLC (LON:GLEN) (GLEN.L), Tullow Oil plc (LON:TLW) (TLW.L) and Premier Oil PLC (LON:PMO) (PMO.L) may be somewhat uncertain at the moment in my view. Challenges facing the world economy, notably the trade war between the US and China, could cause demand for a variety of commodities to come under pressure. Still, I think the BP share price offers investment appeal for the long term. The business has adopted a strategy which I think could improve the quality of its asset base, with investment in Upstream and Downstream segments having the potential to catalyse growth over the long run. Although BP’s short-term prospects could be volatile due to geopolitical risks across a variety of oil-producing nations, I feel its long-term appeal could be high relative to its sector peers while it trades on a P/E ratio of under 12. Tullow Oil’s update released this week showed that it is making progress in delivering its strategy. The company is seeking to increase production, while also reducing debt in order to strengthen its balance sheet. Since the Tullow Oil share price currently trades on a P/E ratio of around 10, I think it could offer a margin of safety at the moment. With further investment in its exploration activities, I believe it could enjoy improved performance over the long run. Premier Oil may also offer good value for money at the moment. The oil stock has a rating of around 4, which is among the lowest I can find in the FTSE 350 just now. This suggests that investors are cautious about its future outlook. This is understandable in my opinion, with Premier Oil lacking the financial strength of some of its sector peers. But with the business expected to reduce debt and keep a disciplined stance on costs, I think it could beat many of its industry peers’ returns in the long run. Glencore’s regulatory challenges may hold back its stock price over the near term, while macroeconomic fears may cause investor sentiment to further weaken. However, with the stock having a P/E ratio of around 7, I think it could offer good value for money. Glencore’s focus on ramping-up production of materials used in electric vehicle batteries could lead to a tailwind over the long run.
rationaleee: There seems to be an inherent arbitrage activity going on with TLW. The Convertible bond that TLW issued in 2016 seems to be the reason. The share price effects seem similar to what PMO had with their convertibles holding their share price down. Obviously TLWs Convertible Bond is much smaller compared to its market cap, but if the HFs are doing the arbitrage activity like in PMOs case then it is in their interest to keep the share price on or below the conversion price. This is of course just speculation but i think the Convertible Bonds are having some sort of an impact on TLWs poor return because its hard to explain why TLW has gone up from 145p to only 270p when oil went in the same period from $47 to $80/bbl. As a leveraged player with improving financials the share price should be much higher even after taking into account the Rights Issue. I think we should pay the convertible bond off or force conversion so the share price could move higher in a confident way.
teamwork1: True tlw share price should be 3
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