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!

Rising in line with oil nearly back to $70 again....we might see another crossing of the 1000p line but I think that this depends on whether crude will hold up or not !.

I would have to disagree, rf.

Tullow is a sell at 860p.

well old son, if you did go short, you are getting well and truly caned and should shut in a hurry if you have not already done so.

chart is showing a very bullish breakout - at last - and Panmure have also given TLW the tumbs-up and a target of 1150

guys big news on enegi oil/ENEG this morning mkt not really reacted bigger buys starting too come through now.big recovery play imho

Good of the resident clown to call short at the bottom :-)

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NTOG Snaps Up 3 Oil and Gas Properties in Kansas
Nostra Terra Oil and Gas Co. PLC
|
Wednesday, July 15, 2009
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NTOG announced that on July 13 it entered into definitive agreements with Hewitt Petroleum, Inc. ('HPI') for the purchase and exploration
of three properties in Kansas, USA for an initial consideration of US $235,000 which has been paid in cash with US $25,000 of the balance due within 60 days of execution of definitive agreements ('Execution'), US $275,000 within 90 days of Execution and US $100,000 to be satisfied by the assignment by Mr. Lofgran to HPI of his working interest in another property known as the Perth field where HPI is also a partner.

The acquisitions and development plans fit within NTOG's new strategy announced on June 30, 2009 in which it looks to acquire assets in the USA to diversify from Ukraine into areas of low political risk, while acquiring properties of low geological risk with significant undeveloped reserves, with an objective of developing a stable, and steady cash flow.

NTOG's newly appointed CEO Matt Lofgran commented, "This is a critical turning point for NTOG and its shareholders. The properties we have acquired and are seeking to acquire have existing production, but more importantly proven reserves, which provide the opportunity for significant upside. In addition we have partnered with Hewitt Petroleum Inc, a proven operator and expert in these given fields. We are very excited about the quality of properties and relationships we are bringing to NTOG."

The properties acquired are as set out below:
Koelsch Field

A 50 percent working interest in two production wells and one salt water disposal well in the Koelsch Field, located in Russell County, Kansas. The working interest is subject to an over burden of not more than 22 percent. HPI has undertaken to deliver a recordable assignment of the assigned working interest within 90 days of Execution failing which a US $60,000 advance shall be repaid to NTOG. In the event the leases and wellbore are acquired the estimated costs for the deepening and reworking of the two production wells and the development cost for the reworking of the Salt Water Disposal Well are US $231,000 to be met by NTOG which will receive 75% net revenues until its actual costs have been repaid and thereafter 50%;
Hoffman Field

A 25 percent working interest in five production wells (of which two are plugged) and one salt water disposal well in the Hoffman Field, located in Barton and Russell County, Kansas. The working interest is subject to an over burden of not more than 22 percent. US $125,000 cash has been paid for the assignment of the working interest, with the balance of US $275,000 due within 90 days of Execution. The estimated costs for the deepening and reworking of the five production wells and the development cost for the reworking of the Salt Water Disposal Well are US $1,350,000 of which 25 percent is to be met by NTOG.

If revenue is generated from production on the project prior to NTOG completely paying for their interest then the revenue shall be adjusted on a prorate basis for the amount that NTOG has actually paid; and
Bloom Field

A 50 percent working interest in nine production wells and two salt water disposal wells in the Bloom field, located in Russell County, Kansas. The working interest is subject to an over burden of not more than 22 percent. US $50,000 cash has been paid for the assignment of the working interest, with US $25,000 of the balance due within 60 days of Execution and a further US $150,000 within 90 days. The remaining US $100,000 is being satisfied by the assignment by Mr Lofgran to HPI of his working interest in another property known as the Perth field where HPI is also a partner. NTOG shall have no obligations owed to Mr. Lofgran in compensation of the transfer of his asset to HPI. The estimated costs for the deepening and reworking of the nine production wells and the development cost for the reworking of the two Salt Water Disposal Wells are between US $1,820,000 and US $2,550,000 to be met by NTOG which will receive 75% net revenues until its actual costs have been repaid, thereafter 50%.

Under the agreements between NTOG and HPI, in the event that either party elects not to participate in the drilling, deepening, reworking or completion attempt on an additional well, such party will be deemed to have released and relinquished to the other participating party or parties all its right, title and interest in and to that well and the participating party shall own the relinquished interest free and clear of all obligations to the non-participating party.

APPL 82 revised joint operating agreements have been executed in respect of all three leases between NTOG and HPI (as non-operators) and Hewitt Energy Group, Inc (as Operator).



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http://www.smallcapnews.co.uk/article/Nostra_Terra_Oil_and_Gas_buys_interests_in_US_properties/7935.aspx

mr halifax would do well to take note of the old investment adage, "don't listen to what people say; listen to what the market says".

with that in mind, TLW continues it's (strong) upward trend, with the next significant resistance being at 1040, being the all-time high

North Sea player Tullow finds more oil in Uganda
Published 04.08.2009 10:13:28 by Patrick McloughlinNorth Sea oil player Tullow Oil says it has made an oil discovery in the Ngara-1 exploration, located in the Butiaba region in Uganda, encountering over 8 metres of net oil pay.

Located about one kilometre in Uganda's block two, from the crest of the structure, the well was drilled to a total depth of 741 metres and Tullow said it had been successfully logged and sampled.

"Good quality basal sands were encountered with over 8 metres of net oil pay in a 17 metre gross reservoir interval with additional potential up-dip," Tullow said in a statement to the London Stock Exchange.

The Ngara-1 well is located 3 km south of the Ngege-1 discovery and according to Tullow de-risks two adjacent traps within the Ngara fault block.

The company added that consideration will be given to these and other prospects as part of the next Block 2 drilling campaign which is expected to commence early in 2010.

The well is now being suspended as a future oil producer.

The Ngara-1 well and the other discoveries made in Uganda will form part of the detailed basin development plan which the integrated project team is currently working on.

"Ngara-1 is the 10th discovery in the Victoria Nile Delta play and marks the end of a very successful opening phase of the Tullow-operated exploration campaign in the Butiaba region of Block 2," said Angus McCoss, Exploration Director.

Preparations are now under way to start a new drilling programme with our partner, Heritage Oil, in Block 1 in the fourth quarter

but TLW is so terribly over-priced already, and they have yet to take delivery of any spaceships at all to move the balck stuff to the coast!

and still TLW surges upwards and straight through that 1040 expected resistance ..... even i confess amazement at this continuing strength, but shall follow the adage (for once) of running the profit ..... just maybe (though unlikely) a major has TLW in its sights

Results due shortly, after DGO's announcement of a 30% decline in earnings today, what can we expect from TLW?

no idea, but on the basis of bottom line results from all oilies, would not expect TLW to buck the trend ..... i know u and i disagree on TLW, but TLW's "usp" is that they have made some very significant finds in the last few months and seem to be on a roll with successful strikes ...... i actually banked a slice of my profits about 10 days ago and just may do that with a bit more, though shall certainly retain a respectable holding

perhaps a shorting opportunity.

maybe, but it's quite a brave call as market has been due for a correction and my reading of very basic charts indicate several possible support levels just below the current ..... of course one never knows how long a correction will last.

oil price seems under pressure, certainly not being supported by real demand so most oilies should move down as oil heads towards $55-60.

so are you going to short?

not yet waiting to see whether the market is in correction mode or not.

lol! ..... hard to know isn't it, and of course by the time one makes up one's mind, it's too late

fyi, i have opened a modest FTSE long this evening, which is now modestly in the money

so you don't see a double dip?