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!

Our argument is that TLW is grossly overvalued to say DGO. BP has amarket cap of around 100billion and produces 4million boepd for TLW

Our argument is that TLW is grossly overvalued compared to say DGO. BP has a market cap of around 100 billion and produces 4million boepd TLW with a current market cap about 9billion would have to produce around 400k boepd to come any where near justifying the current sp which should be 1.50.

you are quite possibly correct re BP, but DGO is a bit of an oddity in that 52% is held by ENOC so any offer for the company needs to be accepted by them, and that in itself keeps sp somewhat depressed (i hold DGO too)

I've missed out on the TLW rise but I am in HOC, POG, PFC and a few others so I can't complain.

rns today about yet another succesful major strike by TLW .... and up and away goes sp again ..... sure glad i bought some more late yesterday

Tullow Oil Says Ngassa May Be Biggest Find in Basin (Update1)

By Kari Lundgren

Sept. 17 (Bloomberg) -- Tullow Oil Plc, the U.K. explorer with the most licenses in Africa, said its Ngassa prospect in Uganda may be the largest oil discovery in the Lake Albert Rift Basin to date.

The Ngassa-2 well encountered 7 meters (23 feet) of oil pay in a 14-meter gross sand, London-based Tullow said in a statement today. Logging operations suggest the potential for a significant oil column, the company said.

The follow-up potential in the overall Ngassa closure has been substantially de-risked, Exploration Director Angus McCoss said in the statement.

Tullow rose to a record in London trading yesterday after announcing a deep-water discovery at the Venus well off Sierra Leone with partner Anadarko Petroleum Corp. West African offshore fields extending from Sierra Leone to Ghana may hold about 6 billion barrels of undiscovered oil, McCoss said after the Venus announcement.

Aside from Ghana and Uganda, Tullow is developing fields in countries including Liberia, Angola and Ivory Coast to counter a decline in production in Britain, where setbacks in North Sea operations have curbed output.

To contact the reporter on this story: Kari Lundgren in London at klundgren2@bloomberg.net

Last Updated: September 17, 2009 02:35 EDT

Chatter from FT today:
"Tempted to lock in profits on Tullow? We think this would be wrong. While TLWs (OW) success story has been exceptional we argue that the buy case is more compelling today as Energy markets tighten and as TLW rolls out a drilling campaign that we think could double the shareprice.
While in its infancy, the transform margin play type through Ghana to Sierra Leone was substantially de-risked with the Venus discovery last week risk factors on success have moved higher to between 20-30% (previously 10-15%); we estimate a 6 well campaign could de-risk up to c.450p/sh net TLW. We raise our price target ~22% to 1500p (~30% implied upside), and, re-running our back of the envelope calculations and making some assumptions on the extension of the cretaceous fan play in West Africa, move our bull case above 20.
What to look for into Q4: Drilling of the South Grand Lahou prospect (Cote dIvoire) in Oct. will provide another valuable datapoint on Ivorian basin upside potential and could further de-risk surrounding prospects. In Ghana, the Mahogany-4 appraisal well is drilling and a result is expected end Oct./early Nov.; it could begin to de-risk an upside case of 1.8bn boe for Jubilee (P50 1.2bn boe) and be worth c.40p/sh unrisked.
In Uganda, we expect the Buffalo-Giraffe campaign to recommence in early Dec."

Digitallook:
"Nomura Securities has upgraded its net asset based valuation of Irish oil firm Tullow Oil following the oil companys recent discoveries in Sierra Leone and Uganda.

Nomura now values Tullow at 1341p per share, up from 1160p previously. In addition, we have incor porated further potential from its West African portfolio (Sierra Leone and Liberia), which could be targeted next year following the encouraging Venus well result, Nomura analyst Michael Alsford said."

Exploration and consolidation are the major value short-term drivers in the African oil exploration and production sector, says Arbuthnot.
The broker starts with recommendations on four stocks: Tullow Oil (buy), Heritage Oil (strong buy), SOCO International (strong buy) and Afren (strong buy).
Preferred picks are Afren and SOCO as they offer investors the greatest upside potential.

Chinese sniffing around...this will start rumours of a takeover bid again possibly....

"good friend" halifax is still extremely concerned that TLW may be able to get the stuff out of the ground but not thought how to move it thereafter ..... he doesn't seem to believe that TLW has ordered this big fleet of spaceship transporters!

They won't be running on oil !.

they have a special hot air turbo-thruster!

more sensibly, though it doesn't clarify anything!

Chinese sniffing around Tullow Ugandan project
China National Offshore Oil Corporation has become the latest company to enter talks with Uganda over a large Tullow Oil-led project, notes Evolution Securities.

Quoting upstreamonline.com, Evolution says CNOOC company representatives approached the Ugandan presidency in early September and held talks with officials.
CNOOC's trip came on the heels of a visit in August by Eni boss Paolo Scaroni.
'It is unclear whether the Chinese concerns will team up or compete,' says Evolution.

Tullow's Uganda country manager Brian Glover said the company had kicked off the farm-down process, starting by engaging in talks with Uganda's government.
'We don't want to confirm a short-list at this stage since we are at a sensitive point in the process, and will be engaging with government before approaching suitable partners,' Glover said.

Evolution says apart from CNOOC, China National Petroleum Corporation and Sinopec have been preselected for talks to enter the project, according to industry sources.

Oil and Gas companies dispose of non-core assets and partial holdings to fund expensive developments in new basins

cynic read the Sunday Times..... spaceships ruled out for Uganda!

will do when i get home ..... landing strip unsuitable?

here's the article in full .....

Tullow Oil, another FTSE 100 oil explorer, has appointed Standard Chartered to sell half its stake in two oilfields in Uganda. Aidan Heavey, chief executive, said the company has already put together a list of about 10 companies that have prequalified for bidding. These are thought to include China National Petroleum Corporation, Sinopec, Total of France, Italys Eni, Korea National Oil Corporation, and Norways Statoil. The data room opens this week and Tullow is hoping to choose a buyer by the end of the year.

Analysts estimate that the company could pocket $1.5 billion (938m) from the sale. More importantly, the deal will allow it to share the immense costs of developing the two oil fields in the remote region around Lake Albert in northwest Uganda.

The plan envisages a 1,300km pipeline running through Kenya to the port at Mombasa, and possibly a refinery. Those projects will cost several billion dollars to build and fall well outside Tullows expertise.

The winner will also need approval from the Ugandan authorities, which are expected to sign off soon on a development plan for the project. This includes details about local job creation, training, supply to the domestic market and infrastructure.

Heavey said: We and the Ugandans will be talking with the companies to see what they can bring to the table. Its like the beginning of a long relationship, and this is like a prenuptial agreement. He added: President Museveni wants to make sure that Uganda gets the best value out of its natural resources.

Heavey expects the fields, one of which is 50%-owned and operated by London-listed Heritage Oil, to hold up to 2 billion barrels of oil.

He said speculation that Tullow has received takeover offers was utter rubbish. Everyone knows were not for sale.

==========

with regard to the last statement, of course any company is for sale at the right price, though whether anyone will mount a sufficiently tasty bid at this juncture is probably just less than evens.

Business Financial Newswire
Tullow Oil upgraded to strong buy from buy at Arbuthnot, TP rises to 1489p.

Business Financial Newswire
"Tullow Oil has announced successful drilling from the Mahogany-4 appraisal well on the Jubilee field offshore Ghana but has failed to find oil in a wildcat exploration well off the Ivory Coast.

The Mahogany-4 well intersected light oil columns in sandstone reservoirs, encountering 43 metres of net pay.

Mahogany-4 is the eastern-most well on the Jubilee field. Results confirm the field extends beyond this location.

The South Grand Lahou-1 wildcat well encountered targeted reservoir sands but found them water-bearing.

Exploration director Angus McCoss said, 'Extending the Jubilee field eastwards with the Mahogany-4 well and encountering new hydrocarbon bearing reservoirs is an excellent result and strongly supports our current interpretation of the Jubilee field resources.

'We look forward to drilling the two remaining wells in the current Jubilee appraisal programme by early next year to further refine our understanding of the upside potential.

'The South Grand Lahou-1 wildcat follows a remarkable opening run of 10 successful exploratory wells in our Equatorial Atlantic licences.

'This well found the reservoirs to be water-bearing at this location but provides critical knowledge to guide the forward programme which targets a number of Jubilee-like prospects in this exciting play fairway.' "