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!

take a look at HOIL then ..... is just now trying to get through a modest resistance having been stationary all day - but be aware of all-time high at 350

nevertheless, the company has lots going for it - see thread

Yes I've seen your posts before. HOIL had a nice rise in March, not sure I'd want to go long atm. You still in TMC?

bought, sold and bought again

Am I correct in saying that if one was just trading the chart, 50 DMA is showing some support, but the sp is drifting & after the divi date is likely to drift further. Thus a sell at the moment?

interesting day here ...... sp is marching forward quite smartly, but as chart below shows, it has nearly hit the all time high ...... as with HOIL a few weeks ago, watch carefully to see if it stalls or carries on northwards with any impetus

Attempted a small short, to double top or not to double top that is the question? A takeover must be in the price so if it's not forthcoming...

have banked 50% ..... not reckoning on t/o at all, but merely a natural resistance to the all time high

if t/o materialises (why should it?), for sure it will be at a hefty premium to the current pirce

Took profits as well....a little too hasty perhaps....but a profit is a profit and this is now close to 10 a share...could go either way now regardless of oil price.

just, just possible that the break through the old all-time high is now underway ..... bold call would be to buy now

Business Financial Newswire
"Tullow Oil says its Awaka-1 exploration well in Uganda Block 2 has been plugged and abandoned after encountering only water-bearing reservoir sands.

Exploration director Angus McCoss said, 'Although we are disappointed to encounter our first failed trap in a highly successful 23-well campaign, the Awaka-1 well has located a thick new sand fairway which may have significant follow-on potential.

'In the short to medium term our exploration drilling campaign will now focus on the core of the prolific Victoria Nile Delta play and on penetrating the target reservoirs in the large Ngassa prospect.' "

Oil stocks generally failed to sustain early gains in London on Tuesday despite the price of Brent crude edging up by almost a dollar a barrel, but Tullow Oil remains firm after an upbeat note on the company from Deutsche Bank.

Tullow remains Deutsches top pick among UK oil explorers and producers, following a spectacular run of success with its exploration prospects. Meanwhile, Tullow's next well, Ngassa-2, is undoubtedly the most binary it has drilled for some time, the bank notes.

The Ngassa-2 well tests deep potential below Lake Albert (Uganda), where reservoir development/hydrocarbon charge remain key risks. However, the upside is also material. Ngassa could double the discovered gross resource in Uganda, tripling Tullow's net exposure, Deutsche Bank said.

The bank has raised its price target for Tullow from 1010p to 1165p.

the boys do it yet again!


Oil discovery in the Kigogole-3 exploration well in Uganda

16 June 2009 - Tullow Oil plc (Tullow) announces that the Kigogole-3 exploration well, which is located in the Butiaba region of Uganda Block 2, has encountered over 20 metres of net oil pay in two separate zones.

Located approximately one kilometre from the crest of the structure, the well was drilled to a total depth of 575 metres and has been successfully logged and sampled. Excellent Kasamene-type reservoir sands were encountered in the lower zone with over 15 metres of net oil pay.

In a separate 5 metre total net reservoir section above the 15 metre main reservoir interval, thin-bedded oil bearing sands were also encountered.


Kigogole-3 is the eighth successful test of the Victoria Nile Delta play fairway within the Lake Albert Rift Basin. The well is located southwest of the Kigogole-1 oil discovery made in 2008, which was recently production tested. This latest result further extends the play and de-risks several adjacent prospects located in Blocks 1 and 2, which are scheduled for drilling later in the year.

The well is now being suspended as a future oil producer and on completion of operations the rig will move to the Wahrindi prospect, 13 kilometres to the southwest, close to the shore of Lake Albert. This well is expected to commence later this month and to drill to a depth of approximately 1,300 metres.

Commenting today, Angus McCoss, Exploration Director, said:
'We are very pleased to have made another discovery in the Butiaba region of Block 2 which reaffirms the exceptional quality of the prospects within the Victoria Nile Delta play. We are steadily drilling our prospect inventory in this region and this continued success is enabling us to make significant progress on new leads and prospects. The ongoing campaign will help us define the ultimate limits of this very prolific petroleum system.'

Back in again....should be good for an above 1000p spot again soon !.

cynic has TLW announced how they propose to get the oil out of Uganda as it is 1000 miles to the nearest port?

A lorry load of baksheeesh should do the trick

A pipeline !.

Difficult due to cost of compensating Kenyan interests and of course would be a long term solution if both countries agree. Looks to us the oil will remain in the ground for some time.

does that mean you will go short?

by the way, wasn't it also you who told me HOIL was well overpriced compared to come non-producing minnow?

cynic can't recall that, do remember saying we thought TLW overpriced in relation to DGO. HOIL'S future depends on the political situation in Iraq which does not appear to be improving.But please tell us if you know what is likely to be the solution to the problem of moving the crude oil in Uganda?

spaceship or so i am reliably informed