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!

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?

no idea .... but ask yourself how long oil will remain this depressed ..... then ask yourself whether it would still be substantially cheaper for a major to buy TLW, even at a significant premium to the present price, given TLW's proven reserves, recent major finds etc

that is not to say that a bid will emerge, but far more likely than for the likes of HAWK, let alone blue skies such as FOGL, AMER, GOO and that ilk

cynic don't disagree with the likes of HAWK etc but TLW is producing only 70000bpd with a market cap of 5.6billion compare that with say BP. producing 4.5million bpd with a market cap of....even DGO produces 40000 bpd with a market cap of around 750 million looks like more Irish flannel to us.

for what it's worth, have a look at the chart on post 108, where you will note a nice little break through 200 dma

sp is certainly well down from its highs, but then that is true of most.

cant comment about DGO, though i do recollect that it's certainly a very good company ..... perhaps it operates in areas that are considered even more dodgy that uganda and ghana, or that it has not made any recent finds of any significance.

anyway, i am more than happy to hold my 1250 TLW and shall wait and watch .... have also been in/out of HOIL its "step sister" which is also an interesting company

cynic as you know TLW is a minnow compared to the majors with oil at under $50 majors don't need to pay over the odds for minnows especially with yet to be proven finds in countries like Uganda. Don't be taken in by the "blarney".

majors like minnows (remember BUR?) especially ones that have proven reserves and stuff that is actually flowing .... but have not bought for t/o = mugs' game, but because i think TLW may well go from strength to strength rather as CNE did .... have not exactly got my shirt on the damn thing, and am certainly (currently) quite nicely in the money

as always, one wishes one held an awful lot more stock .... except as we all know all too well that always presages disaster!

9 March 2009 - "Tullow Oil plc (Tullow) announces that the Tweneboa-1 exploration well, drilled in the Deepwater Tano licence offshore Ghana, has discovered a significant highly-pressured light hydrocarbon accumulation.

The well encountered 21 metres of net pay and was drilled to a depth of 3,593 metres and is currently being deepened to further assess the discovery and the up-dip limit of a potential deeper fan system.

The well was optimally located to penetrate multiple targets, including the edge of an undrilled major Turonian fan system. Further drilling will now be required to test core areas within this potentially giant stratigraphic trap where thicker Turonian reservoir sections are mapped. The upside area of approximately 200 square kilometres includes two de-risked prospective parts, Owo and Ntomme.

The Tweneboa-1 well was drilled by the Eirik Raude deepwater rig in a water depth of 1,148 metres some 25 kilometres west of the Jubilee Field.

Tullow (49.95%) operates the Deepwater Tano licence and is partnered by Kosmos Energy (18%), Anadarko Petroleum (18%), Sabre Oil & Gas (4.05%) and the Ghana National Petroleum Corporation (GNPC) (10% carried interest).

Commenting today, Angus McCoss, Exploration Director, said:
'Tweneboa is another outstanding discovery offshore Ghana which maintains our 100% success rate in the region. Substantial upside has been identified and a material appraisal programme will follow. This result has the potential to deliver yet another transformational growth step for Tullow'."

Another success....really remarkable.....if only oil would climb.....we would be way above a tenner per share !.

hope i don't live to regret, but have just topped up at 796 .... lucky malfunction as the order did not go through for some reason, so did the same thing @ 779.5

just hope it does not portend disaster as is usually the case, though my average price is now just 719

Excelent news.

The big boys must be getting close to an approach. but at what price?, thats the problem.

Getting even better...nice.

approach will be a long way off, even if currently contemplated by a major ... only buy on basics and regard t/o possibility as a complete bonus

we dont want an approach , as it will only be some one trying on the cheap