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!

Take over talk again
Statoil said to be interested
Tullow could be bought out at up to £14 per share
Tullow thought to be now oversold because of some poor recent drilling results
Tullow still finding more oil in Africa and adding more resources annually
Should be valued much higher than present five year lows

excitement looks to be merely the issue of a production MOU by Ugandan gov't

for all that, traffic remains exceptionally heavy

Fregate wildcat well in Mauritania currently drilling and expected to announce result soon. Market expecting a duster, so anything commercial and the sp will reflect that.....bl**dy quickly!

cynic results tomorrow!

not holding my breath i must confess :-) or do i mean :-(

cynic you are right to keep breathing, profits down 72% somewhat less than scintillating.

though interestingly ....

Tullow reported 2013 operating profit of $381 million, a 68 percent fall on the year before but ahead of a consensus forecast of $349.7 million

Look beyond todays figures -
Revenues up, Gross profit up,
The reduction should be non reoccurring as relates to drilling provision write downs
and, is it none reoccurring capital profits. I think it should still bounce back ??

Your truly - Optimistic

rek the problem with these exploration oilies is the profit generally ends up in the ground or sea and not in the shareholders bank account. the only winners are the oil service companies, we wonder who owns them?

sp finished sub £8 @792p not looking too healthy.

to have and to hold, from this day forth :-)

I do - we are now married - you may kiss something .........

Bought 6000 at 748 p at 4.24 pm today, probably the cheapest buy for about six years.

At closing auction ( 4.34 pm ) sales of over 1,000,000 went through at 749 p
I hope some people are closing off large long positions -----
or otherwise I hope they do not know something I do not ????????

I hope to sell for 10 p or more profit over this week ?????????????

correction - cheapest buy for five years, not six years and
closing auction sale went through at 748.50 p

May God bless me this week -

Getting warmer now in Benidorm now, but I have still not hit the sea waters as yet.
Where are you off to this year - Mr Cynic

biz - spain, dubai, chicago
hol - provence and around moulins cycling

Lengthy UBS note out today:
"The investment case for Tullow shares has clearly changed. Less evident for the time being is the high impact offshore explorer. In its place is a different animal, with greater leverage to development risk but with significant onshore exploration upside. The reasons for the change lie we believe in available opportunity set, a change in the competitive environment and perhaps some reduced risk tolerance after two years of high profile dry holes.
Positively, the development portfolio of Tullow is high quality and it is affordable. While Tullow strategy emphasises value realisation it isn’t forced to sell if current market conditions preclude realising full value. And although the drilling portfolio is arguably lower risk it actually still has some big offshore wildcats and more importantly offers the upside of major basin-opening derisking upside in Kenya and Ethiopia, the potential value of which is at least on a par with a big deepwater discovery (£1-2/share).
The share price performance clearly reflects some of the exploration disappointment and arguably a reduced emphasis among institutional investors on the E&P sub sector as a whole. But we think with the share price having approximately halved in 2 years, even taking a more conservative view of valuation and the likely share price relationship to that valuation still sees an investment opportunity skewed to the upside. This is a well-financed company, with a proven development track-record, a strong asset portfolio, material exploration upside, decent downside protection acquirable at an attractive price while the cycle is not currently in its favour.
We have reduced the target price to 900p from 925p set at a 15% discount to a risked NAV of 1,057p. This represents 20% share price upside from current levels.
Upside scenario
From an operational perspective there are a significant number of wells this year. Just the process of drilling the 12 month well programme targets ~1.2bn boe. We see potentially £1-2/share additional NAV from any successful new basin openers in Kenya/Ethiopia. Any large disposal at or around NAV would close the 40% upside to NAV in the shares. Historically, too, UK E&P M&A has been done at ~40% to the share price. From a macro perspective a $10/% change in our long term oil price forecast from $92/bbl to $102/bbl would see risked NAV increase by 9% (assuming normalised returns on incremental projects). Near term earnings would rise by 35%.
Downside scenario
Weak outcomes to the exploration campaign could well see the shares de-rate further in the way that some of the dry holes impacted Tullow in 2012 and 2013. The downside in the shares might be to a commercial plus contingent NAV which is ~575p. A one delay to any of the larger projects (TEN, Jubilee FF, Uganda) would each have an 8p impact to NAV. From a macro perspective a $10/% change in oil price impacts NAV by 9%. It would also see current debt capacity reached by 2017.

What price is TLW worth now ? Where is the near bottom ? Who knows ?

Did it not bounce back last time on false takeover rumours ? I think so.

Do we need some up to date Broker report on this ?

Any comments, as could now be looking interesting ?

Tullow Oil exploration and appraisal update in Kenya
28 August 2014 - Tullow Oil plc ("Tullow") announces the successful results from a series of exploration, appraisal and testing activities conducted in Blocks 10BB and 13T onshore Kenya.

Etom-1 exploration well
The Etom-1 well in Block 13T is the most northerly well drilled to date in the South Lokichar basin, 6.5 km north of the previous Agete-1 discovery. The well encountered approximately 10 metres of net oil pay, extending the proven oil basin significantly northwards. Based on this result the ongoing 550 sq km 3D seismic survey in the South Lokichar basin has been extended to cover a further 247sq km in this northern area, including several similar prospects which are scheduled to be drilled in 2015.

The Weatherford 804 rig drilled the Etom-1 well to a final depth of 2,000 metres. The well will be suspended for use in future appraisal and development operations, following which the rig will move to drill the Kodos-1 well in September 2014 to test the first of several prospects identified in the neighbouring Kerio Basin.

Amosing-2 appraisal well
The Amosing-2 well in Block 10BB is the first appraisal well on the Amosing field discovered in January 2014, and was drilled from the Amosing-1 well pad. The well was deviated 1,350 metres towards the northeast and downdip from the discovery well to calibrate the oil-water contacts of the several oil pools identified in Amosing-1. The Amosing-2 well encountered up to 30 metres net oil pay. As planned, the well was then sidetracked back to some 400 metres from the discovery well to provide additional insight into reservoir distribution in the area and for use in interference testing, planned to start later in 2014. The Amosing-2A sidetrack encountered up to 90 metres net oil pay in several oil pools.

The Sakson PR5 rig drilled Amosing-2 to a final depth of 2,878 metres and the Amosing-2A sidetrack to a final depth of 2,165 metres. The rig will now be moved to explore the southern extent of the South Lokichar basin to drill the Ekosowan-1 well in September 2014, 11.9 km south east of the Amosing-1 well.

Ngamia-3 appraisal well
The Ngamia-3 well in Block 10BB continued the appraisal of the Ngamia field. The well was successfully drilled 1.6 km north of the Ngamia-1 discovery well and encountered 150 metres of net oil pay in both Auwerwer and Lokone reservoirs. The well has been suspended for likely use in future interference testing, appraisal and development activities.

The Marriott PR46 rig drilled Ngamia-3 to a final depth of 2,700 metres. The rig will now be moved to continue the appraisal of the Ngamia field, drilling the Ngamia-4 and Ngamia-5 wells which are planned to be used in an interference testing programme in the Ngamia field.

Ewoi-1 flow test
The SMP-105 testing/workover rig recently completed testing activities at the Ewoi-1 well. The well demonstrated good permeability in the water-bearing Lokone reservoirs and a programme to target these updip is under consideration. Flow rates from the Auwerwer reservoir DST were limited to around 50 bopd, potentially due to the high wax content and shallow depth of this DST.

The lightweight rig is currently testing the Twiga South-2A appraisal well where two to three tests are planned.

Tullow Operates Blocks 10BB and 13T with 50% equity and is partnered by Africa Oil Corporation, also with 50%.

Commenting today, Angus McCoss, Exploration Director, said:
"Etom-1 has successfully extended the South Lokichar rift bounding fault play northwards and we look forward to testing the southern area of the basin with Ekosowan-1. Continued success in appraisal of the Ngamia and Amosing fields reinforces our belief that the South Lokichar basin holds very considerable potential which we hope to replicate in additional basins. The next basin-opening test will be in the neighbouring Kerio Basin, with the Kodos-1 well expected to spud in early September".