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!

i have both + PMO ..... TLW is something of a heavyweight, but has some excellent assets and a pretty strong drilling success rate ..... this makes it a possible t/o target - friend halifax doesn't like TLW at all, but has been consistently wrong :-)

I just have Afren and old favourite Sterling Energy.
Very hopeful for Afren,
SEY is in doldrums, and I wrongly keep hoping it will take off one day before I die
PMO up nicely today, with oil find in N Sea
Good luck Are you off cycling again this year

over the late august bank holiday as usual ..... alsace this year ...... as we don't like the macho mountain climbing bit, we are primarily following the route des vins south from strasbourg to a bit south of colmar, then a loop back to riquewihr, then across the rhine for a day and a bit in the black forest and thence back to strasbourg - usual 5 days of cycling (+ good eating and wine tasting!)

yet another useful strike reported this morning ..... now you know why this share trades at a premium

Numis note for you Mr C:
"The first deepwater well to be drilled in the CI-103 licence has encountered 31m of net oil pay in a continuous hydrocarbon column. Samples show a light oil of 41deg API. Further analysis is required in order to determine the size of the Turonian fan system and reservoir quality (hence commericality). Nevertheless, this is clearly a positive and extends the proven Turonian play westwards from Ghana. Uncertainty remains on the size of Paon-1x, however, assuming good reservoir quality and appraisal of Paon-1x as well as adjacent fan systems we can see Tullow heading towards a pre-drill estimate of 205mmboe gross (Pmean) which we believe could add 31p/share to our 1155p NAV. Given the potential to reach pre-drill volumes we de-risk Paon-1x from 25% COS to 75% COS and upgrade to 1186p today (+2.7%). A positive result which could potentially lead to Tullow's first 'hub class' discovery in Cote d'Ivoire.
High impact E&A - watch our for Ngaima deep, Jaguar: Tullow have discovered over 100m of net pay (in four horizons) in the Ngaima-1 exploration well and is now targeting deeper prospectivity (Lokhone sandstones) at the same well location. Clearly, further oil pay will be extremely encouraging and could make Ngaima a stand-alone commercial discovery. Nevertheless, exploration risks remain with deeper intervals found to be water bearing on the Basin at Shell's Loperot-1 in 1992. Repsol/Tullow continue to drill the Turonian Jaguar prospect (result in August 2012). Jaguar and Eagle-1 (a recent CGX dry-hole) share the same Cenomanian source but target different play types. Oil/gas shows at Eagle provide encouragement but without further detail on the CGX well result the read across is ambiguous . Success at Jaguar alone would add 26p/share to our NAV..

Will TLW be compensated if France has banned further drilling offshore French Guyana?

no; why would they be? ...... however, this looks like the new french gov't posturing and would not expect such a ban to have much life ...... fortunately TLW (and Shell!) have a presence in many parts of the world

cynic if the french government issued a drilling licence and then revoke it surely oil company expenditure should be compensated?

Shell is the leader in that consortium, and for sure they won't be shy ...... however, i'm certain that they won't even have thought of mobilising any kit to go out there yet, as this is a new exploration project with many more facets to resolve first

specially for friend hali!

The French government has backtracked on a decision to delay plans by Royal Dutch Shell to drill for oil off the coast of French Guiana, a member of parliament for the overseas territory said, after local politicians protested.

Trading statement on Wednesday 4th July - Investors will be keen to hear the latest update on production at Tullow Oil’s Jubilee field in Ghana, which stood at 70,000 barrels of oil equivalent per day (bpd) in May.

The company is seeking to ramp up to an average output of 90,000 bpd this year, after technical problems meant production targets were missed in 2011.

Analysts at Morgan Stanley , who rate Tullow as a “best idea”, say: “We expect clarity on the impact of the production issues upon well deliverability by the end of the year at the latest, if not before. If the remedy works, Jubilee output should rise towards the plateau target of 120,000 bpd in 2013.” This will help determine whether Tullow is on track to hit full-year revenues that are estimated at $2.38bn.

Investors are also excited about the prospect of an imminent update on drilling at the Ngamia-1 well in Kenya, where Tullow discovered the country’s first ever oil in March.

Analysts at Bank of America Merrill Lynch wrote on June 19 that an update was expected within two weeks and could entail a “significant positive catalyst” for Tullow.

i keep my fingers crossed as this is probably my fave stock

Only put the info on here for you.lol Looks good.

Explorer Tullow Oil expects record first half year revenues
StockMarketWire.com
Tullow Oil said record first half revenues are expected. A $2.9bn farm-down in Uganda has been completed and the Jubilee remediation programme is progressing well. Significant H2 exploration activity is planned.

Exploration and Appraisal activities

· Basin-opening Ngamia-1 discovery in Kenya; accelerated E&A programme planned with additional rigs.

· 65% exploration and appraisal success ratio year to date.

· Major E&A programme re-commenced in Uganda with four rigs currently active.

· High-impact E&A programme of approximately 40 wells over the coming 12 months which includes drilling in Guyana, French Guiana, Kenya, Ethiopia, Ghana, Côte d'Ivoire, Liberia and Mauritania.

Development and Operations activities

· $2.9 billion Uganda farm-down completed; significant operational activity has recommenced; conceptual basin development work completed and Government engagement initiated.

· Jubilee remediation work progressing well; 2012 exit rate expected to exceed 90,000 bopd.

· TEN project on track for Plan of Development submission in the third quarter of 2012.

· Jubilee Phase 1A progressing well with first oil expected in the fourth quarter of 2012.

· Group working interest production averaged 77,400 boepd in the first half of 2012; production for the full year is forecast to average between 80,000 and 84,000 boepd with an exit rate of over 90,000 boepd.

Group financials

· Record 1H 2012 revenue of $1.15bn. Net debt at 30th June 2012 was approximately $0.7bn.

· Uganda farm-down proceeds have transformed the balance sheet; pre-tax profit on disposal of approximately $700m.

· First half capital expenditure of $0.9bn with forecast 2012 expenditure remaining at $2bn.

· Exploration write-off and asset value reduction of $440m expected in the first half of 2012.

Aidan Heavey, CEO, said: "Tullow's industry-leading exploration success has continued in the first half of 2012 with a major discovery in Kenya, the fourth new basin the Group has opened in five years. We have also completed the $2.9 billion farm-down in Uganda, and made good progress on our development projects in Ghana and Uganda. The on-going remediation of the Jubilee field is progressing well and significant exploration wells are planned for the East African Rift basins, the West African Transform Margin and the twin basins in South America in the second half of 2012. With an exciting programme ahead, Tullow is well placed for continued success over the remainder of the year."

Half-yearly results are scheduled for release on Wednesday 25th July 2012.

i bought some more this morning after the fall ...... does not of course mean that they will not fall further, but it seemed a reasonable punt

btw, and especially for those brave promoters of blue sky E&P companies who reckon every spud will bring a positive result - TLW boast of a 65% strike rate

looks like yet another reasonable strike .....

Tullow Oil plc (Tullow) announces that the Wawa-1 exploration well in the Deepwater Tano licence offshore Ghana has intersected oil and gas-condensate in a Turonian turbidite channel system.

Wawa-1 encountered 20 metres of gas-condensate pay and 13 metres of oil pay in turbidite sands. Samples show the oil to be good quality between 38 and 44 degrees API. The well was drilled 10 kilometres north of the Enyenra-3A well, testing the previously undrilled, updip portion of the licence. Pressure data shows that it is a separate accumulation from the TEN fields.

The well will now be suspended for possible future use in appraisal and development operations.


Commenting today, Angus McCoss, Exploration Director, said:
"Wawa-1 was the first of three important remaining exploration wells to be drilled in the second half of 2012, to close out the exploration phase of the Deepwater Tano Licence. It found light oil and gas condensate, trapped separately from TEN and demonstrates once again that liquid rich hydrocarbons are pervasive in this prospective licence. We look forward to the drilling of Okure and Sapele in the second half of 2012."

TLW has to be one of the most overvalued oilies.... PE ratio 31 .... BP 5.5..... no spaceships insight!

indeed you've never liked it, and at the moment the market doesn't much either .... however, i'm happy to keep holding as have banked plenty of profit from this one in the past and no doubt shall do so again in the not too distant future - always presupposing the market doesn't crash again

A lot worst performing companies on the market to make money out of then TLW whatever some people may say.

RNS helping to destroy the ice cap.