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 ALMOST NEVER take offense :-) .... caveat contract!

Full Year Results

2012 Full Year Results Highlights

· Financial results in line with market expectations and balance sheet substantially strengthened through debt re-financing and $2.9bn from Uganda farm-down.

· Following successful and cost-effective well remediation, the Jubilee field is now producing around 110,000 bopd; A 2013 exit rate in excess of 120,000 bopd is expected.

· Tweneboa-Enyenra-Ntomme (TEN) project Plan of Development submitted; approval expected shortly.

· Major basin-opening discovery in Kenya with the Ngamia-1 and Twiga South-1 wells; Twiga South-1 well flow-tested at a combined rate of 2,351 barrels of 37 degree API oil from two zones with the final test ongoing.

· Significant strategic portfolio management with a renewed focus on light oil including the acquisition of Norway's Spring Energy for $372m and the disposal of gas assets in Europe and Asia.

· Additional new country entries in Africa and the Atlantic margins; Guinea, Greenland, Uruguay and Mozambique.

· 40+ E&A well campaign planned for 2013; High-impact wells expected in Kenya, Ethiopia, Mauritania, Mozambique, Norway, French Guiana and Côte d'Ivoire.

figures weren't stunning, but clearly good enough for (perhaps) shorters to be squeezed by the looks of sp movement

Broker snap: Canaccord says Tullow Oil is 'not particularly attractive'
Wed 13 Feb 2013


LONDON (SHARECAST) - Analysts at Canaccord continued to view the valuation of Tullow Oil as "not particularly attractive" after the oil and gas giant posted its annual results Wednesday.

The group reported a 4.0% rise in profits before tax of $1.11bn for the year to December 31st, up from $1.07bn in the previous year.

Sales revenues increased 2.0% to of $2.34bn year-on-year.

Share rose 4.32% to 1,231.00p at 13:42 after the results.

Canaccord said it was promising news for the company following a disappointing announcement about a dry well at Sapele, offshore Ghana, and a lower than expected plateau rate at the Tweneboa-Enyenra-Ntomme (TEN) Cluster Development.

"Next important news is the Sabisa well, onshore Ethiopia, currently drilling," it said.

"This will be an important well, bracketing the potential to the north of the Kenya-Ethiopia trend. This well is being drilled in a separate basin from those drilled to date."

The broker added that Tullow trades with 39% downside to its central net asset value (producing and development assets) compared to the likes of Premier with a 22% upside.

"However, Tullow has been a big underperformer, underperforming Premier by around 23% year-to-date and we expect a bit of a bounce today with the potential for some short covering."

love the above ..... politician covering his arse comes to mind

Oil absent at Tullow Oil's Uganda exploration well
Thu 21 Feb 2013


LONDON (SHARECAST) - Mining company Tullow Oil has undertaken exploration at a well in Uganda and admitted that no hydrocarbons were found present.

The FTSE 100-listed company reported that exploration drilling had continued in the Total-operated EA-1A block to the north of Lake Albert, with the Ondyek-1 exploration well, located 16km northwest of the Nigiri-1 oil discovery.

The well, designed to test the boundary limits of the EA-1A block, was drilled to a total depth of 1,462m.

The company reported: "The well did not encounter hydrocarbons and has been plugged and abandoned."

It added that further evaluatuion was being carried out on the Lyec- discovery and said that partners were re-evaluating the remaining exploration potential of the area in light of recent well results.

A separate testing programme carried out at a project in Kenya showed a constrained combined rate of 2,812 barrels of oil per day from three reservoir zones.

The company added that two additional zones were also tested in the tight reservoir rock at the base of the well and both produced at sub-commercial rates but confirmed the presence of movable oil.

Angus McCoss, Exploration Director of Tullow Oil, said: "While it is still early days for our exploration campaign in Kenya, these flow tests results at Twiga South-1 are an important step on the way towards understanding the commercial potential of the two discoveries we have made so far.

"The Ondyek-1 well in Uganda did not encounter hydrocarbons, but has contributed much to our understanding of the limits of the EA-1A block."

.

Tullow Oil, a United Kingdom-based firm that has been conducting successful oil explorations in Kenya and Uganda says,Oil exploration in Ethiopia: “Encouraging results” The Africa Report
27th Feb
- See more at: http://www.directorstalk.com/#sthash.v7HThsrJ.dpuf

Tullow Oil (LON: TLW) Drills for Ethiopian Oil – Energy and Capital
28th Feb 5:13 pm
- See more at:http://www.directorstalk.com/#sthash.EMsQM7zF.dpuf

Tullow, ministry deny oil discovery report
2nd Mar 10:03 pm
- See more at:http://www.directorstalk.com/#sthash.QqCLWIDw.dpuf

"The rig will move to the South Lokichar Basin in Block 10BB and drill the Etuko prospect in the undrilled basin flank play. The move is expected to take 3 months."

So should be ready for the next drill in early June 2013.

Here's RBC's answer to your question on the HOIL thread cynic:
"Impact on Tullow – neutral: Tullow was required to pay $313m to Uganda on Heritage’s behalf and we would now expect this sum to be repayable to Tullow. However, Tullow has its own $473m capital gains tax dispute with Uganda over the subsequent divestment of assets to CNOOC and Total. A decision from a Tax Appeals Tribunal in Uganda is due during H2/13. Defeat in the case would require Tullow to pay a further $331m to Uganda ($142m has already been paid). The net impact is therefore an outflow of $18m (~1p/share)."

thanks harry

nasty fall in sp today down nearly 10%

confess even i am starting to wonder why i am still holding, but guess i shall continue to do so - unless i have a sudden need to offset some gains

StockMarketWire.com
Shares in Wessex Exploration (LON:WSX), Northern Petroleum (LON:NOP) and Tullow Oil (LON:TLW) were al double-digit fallers after an update on drilling offshore Guyane.

Wessex was the biggest faller - down by more than 41% - while Northern and Tullow fell by nearly 17% and more than 10% respectively.

Northern had earlier announced that drilling operations on the Guyane Maritime permit were being extended to a deeper target after the sand package in the primary target proved not to have significant hydrocarbons.

But Tullow Oil says it believes the failure of the Priodontes-1 well to encounter significant hydrocarbons is due to a trap-specific issue.

And Tullow says the results have no follow-on consequences for prospectivity elsewhere in the block.

Tullow issued an update following an announcement from its partner, Northern Petroleum.

Tullow said Northern Petroleum's release was issued without prior notice and without the approval of the operator or the joint venture partners.

Tullow's statement said: "Although the Priodontes well has not thus far encountered significant hydrocarbons, Tullow believes that this is due to a trap-specific issue and has no follow-on consequences for prospectivity elsewhere in the block.

"Tullow also notes that the shows encountered in the Bradypus fan, as described in Northern Petroleum's release, underline the presence of a working oil charge system.

"This well is now being deepened to a proposed target depth of 6,483 metres to target additional formations after which Tullow will issue a further update."

Barclays comment:
"Following the disappointing results on the Priodontes prospect, we are re-setting our expectations for French Guiana. After the initial Zaedyus discovery in 2011, we revised up our assumptions around the potential geological success rate to 30 - 40%. Although this could still be achieved, we believe that following two successive dry wells a more conservative approach is appropriate. As a result we are rebasing our assumptions on both the ultimate exploration upside of this region and its chance of success (CoS). These changes result in a 9% reduction in our price target to £15.60 per share. Despite this cut, we still believe in the long-term value of French Guiana and remain convinced that Zaedyus is unlikely to be the only discovery in this new geological play. The company’s next drilling catalyst is the results of the Sabisa-1 well in Ethiopia, which assuming no further delays, are due at the end of May 2013. Given the encouraging preliminary results, we still believe the riskreward potential of the shares is attractive, particularly in the run-up to the next drilling results. We therefore maintain our Overweight rating.
French Guiana, expectations reset: Although Tullow has indicated that the results on Priodontes should not have negative read-across on the exploration upside of French Guiana, we feel we should now take a more conservative approach. As a result, we are reducing the exploration potential of the Eastern slope down to 2bn bl from 3bn bl unrisked (TLW 27.5%) and apply more conservative CoS, which we are now lowering to 20-35% down from 30-40%. Combined these changes reduce our NAV by 134p. We now carry French Guiana at 183p risked (716p unrisked), equivalent to 12% of our total NAV."

Tullow Oil's recent pull-back due to investor uncertainty over its exploration-led strategy has created a buying opportunity, according to Societe Generale, which has upgraded its rating for the shares from 'hold' to 'buy'.

"Short-term catalyst-driven investors should now have moved on from the stock, creating an opportunity for longer-term investors to take advantage of the pull-back to add to their positions. In our view, Tullow remains a first-rate explorer."

another bloody nose in prospect as TLW loses its magic touch and reports another duster

French Guiana operational update
23 April 2013 - Tullow Oil plc ("Tullow") provides an update on progress with the Priodontes-1 well, offshore French Guiana. This follows Tullow's earlier statement on this well issued on 17 April 2013.

The Priodontes-1 well, offshore French Guiana, has now been drilled to a Total Depth of 6,318m in water depths of 1,750m. Having encountered no hydrocarbons in the main target reservoir, the well has been plugged and abandoned. The Stena Ice Max rig will now move to the site of the Cebus exploration well (GM-ES-4). Spudding of this well, which will test a new and totally separate fan, is due within the next two weeks.

Angus McCoss, Exploration Director of Tullow Oil plc, commented today,
"Although this well did not encounter significant hydrocarbons, we have added substantially to our knowledge of the formations in this frontier exploration area. The campaign now moves to the Cebus prospect which is located in a separate fan to Zaedyus and Priodontes. This means that there is limited read-across for Cebus from the wells drilled thus far. However, all have demonstrated, to differing degrees, that the Cingulata fan system has been charged with oil and Cebus is an excellent prospect from which we can expect a result later this year."