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!

TLW yet to release RNS confirming rumours farm down has been approved by Uganda government, cynic will be pleased if true!

you teasing little tinker you!

DPL flying now

cynic go to Killick website.

Uganda Lawmakers Vote To OK $2.9 Billion Tullow Oil Deal

perhaps a little bravely, i have topped up further here on the weakness ..... i suspect that the dry well was pretty much immaterial and balanced out by the further find in guyana ..... my guess is some short-term profit-taking following what i thought to be a quite bullish interim statement

I used to be a big fan of this...the trouble is like BG : the sp around 13 is hefty....it's worth that but thirteen quid a share...you need a lot of movement to make anything...

cfd margin requirement is only about 5%, so provided you can put up with the gearing, it's not so bad

Rachel Cooper, 19:18, Wednesday 9 November 2011

Tullow Oil (Stuttgart: 591219 - news) has pleased the market over the past few months, with the explorer striking black gold off both Ghana and French Guiana. But, Tullow was in the doldrums as it abandoned a well off Liberia, having made a non-commercial oil discovery, and said that the drillship was moving to Sierra Leone.

FTSE today: market report live

Disappointing investors too was a downgrade of Tullows production forecasts for this year, to 79,000 to 81,000 barrels of oil per day from 82,000 to 84,000. Tullow cited a slower-than-expected increase in production from its Jubilee field in Ghana .

Those setbacks sent Tullow down 76p to 13.60, with analysts at Oriel pointing out that Tullow is a premium priced stock and vulnerable to any disappointing well results. But they added that the well result was encouraging for further exploration in Liberia.

Analysts at Jefferies kept their buy rating on Tullow, saying that excessive weakness on the back of the news could be used as a buying opportunity. Evolution also thought the big picture for Tullow remains very strong.

Citgroup note:
"FY11 Trading Statement proves disappointing overall – Tullow has significantly reduced its FY12 production guidance to 78-86k boe/d versus Citi expectations of 96k boe/d due to ongoing issues at Jubilee. Tullow expects remediation work on the Jubilee field to cost c. US$400m gross. In addition, Tullow is also still awaiting proceeds from the partial sale of its Ugandan assets. On the positive side, Tullow has announced a positive appraisal well on Ntomme, which underpins current resource estimates and plans an active 2012 E&A programme of up to 40 wells. Near-term results are expected from the Jupiter well in Sierra Leone. With the shares trading at only a 13% discount to our base NAV of 1680p/share (less than peers), we retain our Neutral rating.

Weaker production due to ongoing issues at Jubilee – 2011 production was 78.2kboe/d versus Citi at 81kboe/d, while 2012 production is expected to be 78- 86k boe/d significantly below Citi (96k boe/d) and current market expectations. The downgrade has been driven by ongoing production issues at Jubilee due to the design of the well completions. Jubilee production is currently at c. 70k b/d (gross) and following remedial work is expected to average 70-90k b/d during 2012 – however this is significantly below the 120k b/d capacity. The remediation of Jubilee will cost c. US$400m gross.

y/e results just out and look pretty spiffing to me - which no doubt means sp will nosedive!

.

this is hali's fave stock!!

* Enyenra-4a appraisal well successful
* Has successfully encountered oil in very good quality sandstone reservoirs
* Good evidence of communication with the Owo-1 discovery wells and the Enyenra appraisal wells
* Results confirm the significant extent of the Enyenra light oil field
* Pressure data indicates a continuous oil column of approximately 600m
* Says an excellent result which is further enhanced by the quality and thickness of the reservoirs found


beyond me why he dislikes it so much, but really happy that i topped up just after the results ..... next hurdle will be 1600 - i.e. break into all-time high ground

and now a "beyond expectations" result in kenya

hali - wake up and smell the oil!! :-)

cynic hope you are still working on those spaceships, its a long way from Turkana to the coast.

even further from turkmenistan :-)
spaceship prototype going for initial testing Q4!

Impressive Tullow Oil....shame the damn sp is so hefty at fifteen quid plus, but it has woken up some sleepin' beauties : AFR,COV and AEX....

shame you lot didn't buy many moons ago ..... on cfd or even s/b the price is not nearly as scary

Kenyan President Kibaki announced the oil discovery but cautioned that even if found to be commercialy exploitable it would take a minimum of 3 years to bring the oil to market.

This is the same drill that africa oils news today gave their sp a rise of 34%






..Tullow Oil shares set to rally after Kenya oil find

By Ben Harrington | Telegraph – 23 minutes ago

......
Tullow Oil (Stuttgart: 591219 - news) shares are expected to leap on Tuesday morning (NasdaqGS: TUES - news) after the company said it found more oil at one of its projects in Kenya.

The FTSE 100 company said that the Ngamia-1 exploration well onshore in Kenya a 50:50 joint venture with Toronto-listed Africa Oil (Stockholm: AOI.ST - news) had found more crude oil buried in the rock beneath the soil of Turkana than the company had previously announced.

Tullow said: "Many leads and prospects similar to Ngamia have been identified and, following this discovery, the outlook for further success has significantly improved."

The Ngamia structure is the first prospect to be tested as part of a multi-well drilling campaign in Kenya and Ethiopia.

Al Stanton, an analyst at Royal Bank of Canada, said: "Considerable uncertainty still surrounds the commerciality of the Ngamia oil accumulation but, given the scale of their [Tullow and Africa Oil's] acreage position and repeat potential, we expect the participants' stocks to react strongly to the news."

The timing of Monday's announcement is fortuitous because on Friday last week, Tullow whose main production asset is the Jubilee field off the coast of Ghana was one of the worst performing shares in the blue-chip index after disappointing drilling news from its Teak-4A appraisal well off Ghana.

Tullow's partner in the project, Kosmos Energy, said the well had encountered thin, non-commercial reservoirs as a result, the well was being plugged and abandoned.

Tullow's shares fell 88p to close at £14.61 on Friday night.