The CEO states Tullow sp is much too low and I bought in on the comments---todays results are excellent and I feel this one is being overlooked on here. check it out bargain hunters-I'd welcome some expert feedback!

Who would have thought Uganda would have so much oil ?, really incredible, I just hope that some of this new found wealth will work its way down to the needy and deserving good people of that part of the world in the form of hospitals, schools, and such infrastructure and not weapons for the military !.

Extract from todays Independent Irish edition: 3/01/2009

While the collapse in crude oil prices has been good news for Ryanair it has knocked the stuffing out of the Tullow share price. After peaking at over €12 in June it had fallen back to just €5.40 by mid-November. While oil prices have continued to fall since then the Tullow share price has perked up, ending the week at €6.97 as the market responded positively to good drilling news from its recently discovered oil prospects in Ghana and Uganda.

Following the recent share price rally Tullow has a market value of just €4.7bn making it the largest independent oil company in Europe. With the majors desperate to snap up promising new acreage it must surely only be a matter of time before one of the big boys makes Aidan Heavey an offer he can't refuse

Looks like we could get some more good news very soon......

Tullow Oil (Buy, Closing Price 6.85)
Commodity movement, Ghans & Gabon
Analyst: Gerry Hennigan

Items of note with respect to Tullow over the past week include: (i) infill drilling in Gabon; (ii) election results in Ghana; and (iii) geo-political events that are impacting commodity prices. With respect to the latter, the unrest in Gaza has obviously served to reverse the downward trend in crude prices with Brent this morning trading above $48/bbl. That said, a sustained move to the upside will require, in our view, some stability on the demand front or signs that previously announced OPEC cuts in supply have been adhered to. As with oil prices UK and European gas prices have also hardened. The move stems from another dispute between Gazprom and the Ukraine over payment, shutting off supply to the latter and threatening disruption to gas supply on the Continent. In Ghana, the opposition candidate John Atta Mills, has won the Presidential election and thus wrested power from the New Patriotic Party, headed by John Kufour, who has held office for the past two terms. The elections proceeded largely without incident underlining the level of perceived stability and democratic maturity in Ghana. The new government is not expected to alter any of the agreements currently in place with regard to its emerging oil and gas status, though as a lecturer in tax law, the newly installed Mr Mills will no doubt take a keen interest in events unfolding offshore.

Separately, Vaalco, the operator of the Ebouri and Etame fields in Gabon announced on the 31st that drilling at Ebouri had encountered additional "reservoir.....above the oil water contact", which is expected to increase the acreage and reserves of the field. Initial production from the latest Ebouri well is expected to commence this month. It also expects gross production on the Etame licence to increase to a rate of 25 kbopd from a current rate of 20 kbopd. Tullow has a 7.5% stake in both licences and hence, while the impact is marginal, it is nonetheless welcome, particularly in view of the fact that group production has trended down, a development, which we would expect to continue pending the addition of development projects such as Jubilee (Ghana).

And a bit more coverage missed....

"Tullow remains a top pick in the European E&P sector. With the shares now trading at a 57 percent discount to our NAV based valuation we see a rare opportunity to take a position ahead of a potentially transformational exploration led period with Tullow testing an aggregate of 3.5 billion barrels of reserve upside," Merrill Lynch says in a note. It rates Tullow as "buy". Oriel Securities also reiterates its "buy" rating on the stock.
11-12-08 11.12.08 :+82.5, (596.5) the UK-based explorer announces new oil finds in Ghana and Uganda which it expects to boost reserves, prompting Merrill Lynch to raise its net asset value (NAV) and target price. Tullow says the success of the new appraisal wells has "substantially increased" the proven extent of its Jubilee and Kingfisher fields. Merrill Lynch says as a result of the announcement it has increased its NAV for Tullow Oil by 32 pence to 1,298 pence a share and has raised its price target for the blue chip oil explorer to 840 pence a share, up from 810. The broker says it now has great confidence that there are sufficient reserves in the Jubilee field to underpin a second phase development. And Merrill Lynch now believes that Tullow has all but met the commerciality threshold for development of its Ugandan acreage. Shares in mid-cap Heritage Oil, which co-owns the Uganda oil block in which the Kingfisher well was drilled rose 6.7 percent.

Another splendid result......can you imagine what the sp would be now if oil was at $100 a barrel ?.

was about to leave the hotel in Hamburg as the markets opened so missed buying when sp was only +14 or thereabouts ...... may still take some

Another good drilling result....TLW doing fine !.

same drilling result .... just an update, but augurs well for the future

TLW has tumbled sharply over the last few days on well-founded rumours that they needed to raise more capital for well development ...... this has now been done, and very easily too ..... sp opened down sharply yet again, so took the opportunity to top up at 575

may even buy some more HOIL

cynic with the impairment charges 0f over 200m recently announced by the company and the declining price of oil will TLW actually make a profit after tax this year?

no idea and not necessarily important ..... to my mind, the key to TLW is that between themselves and HOIL, they now have possession of this huge new reservoir ...... that will certainly prick up the ears of some of the majors who, by taking out TLW (and HOIL?) avoid the costs and risk of that exploration themeselves.

market likes the look of them again today ..... now +90p since yesterday morning

Cynic, Heritage Oil is not involved in the Ghana prospect, if I'm not mistaken, but Tullow oil's partner in Uganda !.

Don't expect me to get everything correct ..... or indeed, anything at all!

Both Uganda and Ghana discoveries are "world class", ...TLW lucky to be in both of them !.

Following just for info. Doesn't look to be a particularly serious issue:
FT By Ed Crooks
Published: January 21 2009 09:23 | Last updated: January 21 2009 12:39

"Tullow Oils successful 400m share placing Wednesday raised concerns about bankers increasing use of capital-raising structures that some shareholders say circumvent the rules protecting their rights.

The company placed just over 9 per cent of the group to strengthen its balance sheet and fund investment in its oil discoveries and prospects in Ghana and Uganda.

Jun-24Tullow Oils well of fortune runs deep - Some Tullow shareholders warned that while they backed the move to raise fresh funds, they would object if many other companies tried to use the same route.

Tullow raised the money through a structure known as a cash-box issue without offering existing shareholders rights of first refusal, fuelling an increasingly heated debate over shareholders right to protect their holdings from dilution.

UK rules allow companies to raise up to 5 per cent of their share capital in cash without giving all shareholders formal rights to buy new shares, but that limit is raised to 10 per cent if the money is used for an acquisition.

A cash-box structure creates a vehicle that allows the company issuing the shares to make an acquisition, although it is not buying another business.

Pre-emption rights have come under attack in the past year, after the failure of several share issues by UK banks prompted the government, shareholders and regulators to find ways of speeding up the process.

However, cash-box structures have sparked opposition. One investor said: It short-changes shareholders of their rights.

Mr Heavey added that he expected next month to conclude Tullows refinancing and increase its debt facility from $1.4bn to $2bn"

can't get much more bullish than today's rns ..... and have re-read it and can see no sensible way of shortening it (lol!)


Tullow Oil says that the initial successful drilling of the Kingfisher 3-A well completes the drilling of the Ugandan Kingfisher field, in which the Company is a 50% partner.

Since the drilling of the initial discovery well, Kingfisher-1, in August 2006, Tullow says the field has exceeded management's expectations with production test results from the Kingfisher-1A and Kingfisher-2 wells highlighting outstanding potential.

This latest drilling of the Kingfisher-3 well indicates that the southern flank of the field is approximately 100 metres higher than initially expected, significantly increasing the estimated areal extent of the field.

The Company adds that the successful drilling of the Kingfisher field has lowered the exploration risk of other exploration targets within Block 3A which will be explored in a lake bed drilling programme, scheduled to commence next year.

a bit of something of nothing from today's Times, but may partially explain yesterday's surge, though of course crude was a bit stroner too

Tullow Oil said to have rejected bid approaches from Chinese oil groups

Which might mean that they might be back with a better one !.

would not disagree ..... not only is TLW a real buzzy company with genuine reserves etc, but has long been touted as a potential t/o target, which is just a bonus

cynic but is it worth more than 5.6 billion with oil under $50 per barrel?