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TULLOW OIL--stands for too low!! (TLW)     

moneyplus - 14 Sep 2005 13:17

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!

cynic - 04 Apr 2013 14:28 - 511 of 906

thanks harry

halifax - 17 Apr 2013 16:25 - 512 of 906

nasty fall in sp today down nearly 10%

cynic - 17 Apr 2013 17:47 - 513 of 906

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

HARRYCAT - 18 Apr 2013 13:25 - 514 of 906

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."

HARRYCAT - 18 Apr 2013 13:29 - 515 of 906

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."

HARRYCAT - 18 Apr 2013 13:33 - 516 of 906

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."

cynic - 23 Apr 2013 07:44 - 517 of 906

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

HARRYCAT - 23 Apr 2013 07:55 - 518 of 906

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."

HARRYCAT - 30 Apr 2013 08:33 - 519 of 906

Currently 1003p to buy. Think I may pick up a few should it dip below £10. Seems like TLW has good potential as they are now to start drilling a seperate fan and even if they hit a duster, the sp should ramp up a little when approaching TD, though current Investec target of 930p is a bit of a worry.

Stan - 30 Apr 2013 16:28 - 520 of 906

Chart looks horrible, now below £10.. you bought yet then Harry? -):

HARRYCAT - 30 Apr 2013 16:35 - 521 of 906



Nope, not yet. Watching & waiting, but as I mentioned before, the 930p target looks a possibility.

Stan - 30 Apr 2013 16:37 - 522 of 906

See your play.

dreamcatcher - 23 May 2013 10:39 - 523 of 906

Tullow Oil announces well disappointment offshore Norway
Thu 23 May 2013


Tullow Oil announces well disappointment offshore Norway LONDON (SHARECAST) - Lundin Petroleum, Tullow Oil's partner on the Carlsberg prospect in the Norwegian North Sea, said Thursday that it has plugged and abandoned the wildcat well 7/4-3 after no hydrocarbons were encountered.

Tullow Oil has a 40% stake in the well, which was targeting the Upper Triassic and Upper Cretaceous reservoirs of the Carlsberg prospect.

Lundin said: "The primary exploration target of the well was to prove petroleum in Upper Triassic reservoir rocks (the Skagerrak Formation). The Skagerrak Formation sands were not encountered.

"The second exploration target of the well was to prove petroleum in the Upper Cretaceous chalk reservoir. The reservoir was found at the predicted depth, but was water bearing with no presence of hydrocarbons."

The well is the first exploration well in PL495 and PL495B, it added.

Following the plugging and abandonment of well 7/4-3, the Maersk Guardian rig will move to the Brynhild field to commence the drilling of the development wells.

The costs of the exploration well 7/4-3 and associated license costs will most likely be expensed during the second quarter of 2013.

Tullow's share price fell 3.08% to 1,040p.

dreamcatcher - 30 May 2013 08:19 - 524 of 906

Tullow abandons exploration well offshore Cote D'Ivoire
By Benjamin Chiou

Thu 30 May 2013


Tullow abandons exploration well offshore Cote D'Ivoire LONDON (SHARECAST) - Oil giant Tullow has been forced to pull out of another one of its exploration wells, this time off the coast of Cote D'Ivoire.

The company, which has seen its stock drop nearly 18% so far in 2013 on the back of a series of disappointing exploration updates, said that its Calao-1X well encountered good quality reservoir sandstones but these were found to be water bearing.

The well was then sidetracked to target a better developed reservoir unit down-dip but these sandstones were also water bearing too. "Following completion of logging operations the well will be plugged and abandoned," Tullow said.

The well was the second one drilled on the CI-103 licence, in which operator Tullow carries a 30% interest. Anadarko Petroleum owns 55% while the Societé Nationale d'Opérations Pétrolières de Côte D'Ivoire owns 5.0% plus a 10% carried interest.

"While this is not the result we were aiming for, both the condensate and the reservoirs that we encountered have added substantially to our knowledge in this frontier area," said Exploration Director Angus McCoss.

"The appraisal of the light oil discovered down-dip in Paon-1X in 2012 will continue later this year with the drilling of the Paon-2A well. Having sold some of our equity for carries in the CI-103 licence - a decision that was taken prior to the drilling of the Calao-1X well - our stake in both the Calao-1X and Paon-2A wells has been consequently reduced."

dreamcatcher - 30 May 2013 17:24 - 525 of 906

Not invested here, for those interested -

Tullow gains green light from Ghana government
Thu 30 May 2013

Tullow gains green light from Ghana government LONDON (SHARECAST) - Tullow Oil has been granted government approval for a large development offshore Ghana.

The Tweneboa-Enyenra-Ntomme (TEN) project is expected to produce its first oil in 2016 at an anticipated production rate of 80,000 barrels of oil per day (bopd).

The TEN development is located in the Deepwater Tano Contract Area, where Tullow is operator and holds an equity interest of 47.175%.

Located 60 kilometres off the coast of Ghana and close to Tullow’s Jubilee Field, the TEN project’s development will require the drilling and completion of up to 24 development wells connected to a floating, production, storage and offloading vessel.

Tullow, which earlier on Thursday revealed it had abandoned another project offshore Cote D'Ivoire, stated that major contracts will now be finalised and awarded to develop the infrastructure and the development wells.

The group’s partners in the contract area include Kosmos Energy with 17%, Anadarko Petroleum with 17%, Petro SA’s Sabre Oil & Gas subsidiary with 3.825%, and the Ghana National Petroleum Corporation with 15%.

Tullow’s Chief Executive Officer Aidan Heavey said TEN was an important project that will give Ghana its second major offshore development.

“The Government of Ghana have shown faith in Tullow and its partners again and has set us a number of important targets around local content and supply chain.

“I have every confidence that we will meet these targets and look forward to working with the Government of Ghana and with our partners to deliver the TEN Project."

Shares in Tullow Oil were up 2.4% at 1,054p at 13:25 on Thursday.

Stan - 18 Jun 2013 18:02 - 526 of 906

L&G dip below 3%

HARRYCAT - 01 Jul 2013 15:03 - 527 of 906

Analysts at Nomura have upped their view on shares of oil exploration group Tullow Oil ahead of what they expect will be a positive trading update from the company this Wednesday.

That is particularly true, they believe, given the generally sombre outlooks typical for large-cap majors in Europe and after a 40% fall in the share price (in US dollar terms) since last February.

Then there are the upcoming 'trigger well' results expected in the next few months. In that regard the broker writes that “a six pronged campaign testing multiple geological plays suggests Tullow’s business remains extremely active and competitive.”

Nomura has raised its view on the shares of Tullow Oil to neutral from reduce, albeit while reducing its price target to 1,250p from 1,400p previously

Stan - 03 Jul 2013 07:35 - 528 of 906

Trading and Operational Update http://www.moneyam.com/action/news/showArticle?id=4625571

HARRYCAT - 23 Jul 2013 12:10 - 529 of 906

Canaccord comment today:
"Tullow announced two non-commercial well results offshore Mozambique (Cachalote, 1p/sh risked) and French Guiana (Cebus, 12p/sh risked). Cachalote-1 encountered non-commercial quantities of gas. However, this included some wet gas, indicating the potential for a liquids-rich petroleum system and providing some encouragement for future exploration in the region. The rig will move to spud a well on the Buzio prospect in the east of the licence for which we attribute 2p/sh risked, 22p/sh unrisked.

Cebus-1 encountered extensive sands in the primary and secondary targets but no hydrocarbons were observed. The rig will now move to drill a down-dip appraisal well on the Zaedyus discovery offshore French Guiana (45p/sh risked, 121p/sh unrisked, assuming 156/420mmbbls gross unrisked respectively). The partnership is looking to prove up the commercial discovery with this next well. We remain concerned that the exploration program offshore French Guiana may (sensibly) pause after the Zaedyus appraisal, with over US$1bn likely invested by the end of this program and limited commercial success to date.

We view the well results as disappointing, although the combined impact on our risked NAV is small (approx 1%), and we maintain our NAV-derived target. Tullow’s share price requires exploration success to underpin the valuation. The one area that appears to be delivering, and for which we look for positive news, is the East African exploration program (Kenya/Ethiopia). However, we believe we are already making aggressive assumptions about the exploration potential in this region in our valuation, including US$4.6bn or 333p/sh of risked value for Kenya/Ethiopia, yet we can only justify a HOLD rating."

cynic - 23 Jul 2013 12:16 - 530 of 906

TLW has certainly lost its magic touch of a year or so back when every spud was a sack of potatoes, but as i have these, i'll sit with them i guess
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