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!

doing well this morning. appears to be due to rising oil price and also possibilities of big oil finds in east africa

No link on MONEYAM so borrowed from elsewhere till they get some news here.


Uganda: Block 2 - Waraga-1 Wildcat

Since the last report on 7 March, the Waraga-1 well was drilled from 1,872
metres to total depth of 2,010 metres into basement and wireline logs have been
run. At midnight on 12 March wireline pressure testing and sampling programme
had been completed. Oil samples have been recovered from the 32 metre gross
interval previously reported (at a depth of approximately 1,700 metres).
Preliminary indications are that this is a light oil of approximately 40o API
gravity. While no oil water contact was observed, pressure data from the oil
interval and deeper water bearing sands suggests a minimum 45 metre oil column
for this reservoir interval.

Wireline logs and shows while drilling have indicated a deeper, separate zone of
interest from approximately 1,780 metres to 1,930 metres which contains a number
of thinner sands. Oil samples have been recovered from a sand at 1,893 metres.
Pressure testing and sampling has been conducted, with interpretation of results
expected in the coming days to determine the extent of this deeper oil bearing
interval and whether it represents one or a number of oil columns.

The well will now be cased and suspended ready for future testing. Planning of
that testing programme is underway and equipment is being sourced and mobilised.

Waraga-1 is located 19 kilometres to the northeast of the recently drilled
Mputa-1 oil discovery well and 41 kilometres southwest of the Butiaba Waki-1
well (drilled in 1938). Waraga-1 testing a structural prospect with identical
geological targets to the oil bearing reservoirs seen at
Mputa-1. The Waraga prospect was defined by the 2005 onshore seismic survey and
the geological risk was significantly reduced by the success of Mputa-1.

Hardman's CEO and Managing Director, Simon Potter commented, "Two discoveries in
two wells in this region is a great success. That the oil appears to be of good
quality is encouraging and hence casing of both wells (Mputa and Waraga) ahead
of a testing programme. Indeed given this most recent success at Waraga we are
actively planning the future appraisal and commercialisation programme to fully
evaluate the potential of the region."

Equities in Block 2 are:
Block 2
Hardman Petroleum Africa Pty Ltd (Operator) 50.0%
Tullow Oil 50.0%

Times and dates for Ugandan wells refer to UTC/GMT +3 hours (Uganda time), 5
hours behind Western Standard Time, Perth. All reported depths are referenced to
the rig rotary table (RT). Hydrocarbon shows will be only be reported after all
required logs have been run and evaluated, although Hardman will release weekly
updates on the exploration drilling campaign.

So 3 months ago brokers cut their forecast to 267. Morons. Tullow featured as a large companies buy recommendation in the IC on Friday. Very positive. A whole page's write-up. Accounts for the recent price movement. It says that currently not factoring in sustained rises in gas prices and ugandan possibilities. I'm very positive about it now. THe chart is beautiful. It has 352 barrels of energy in reserve. Not sure if this means oil or has converted the gas reserves too. So, for example if tlw was to find 1 billion barrels in uganda then I reckon the sp should treble and it would easily enter the Ftse 100. This is hopeful, but the Ic is positive. Look at Cairn! Either way its a no-brainer. The price of gas is going to keep getting higher although perhaps not in the long term and oil is just going to go up short term, long term whatever.

In the last month tlw's gone up 25-30% slowly and in the last 5 days it's gone up over 10%. And nobody's posted. It just goes to show that the best shares are the ones with the least active bbs.

I took profits far too early-kicking myself now. I'm hoping for a pull back so that I can get back in.

Is Tullow worth 3 times approximately as Dana.

depends what reserves dana has. I think danas a bit complicated because it's a pure exploration play. I read somewhere that it's got 2 billion barrels potentially north sea fields, so it may be a bit undervalued. can't be bothered looking at the results

Saintserf

Dana has reserves approximately two thirds of Tullow. Exciting potential in Mauritania and Kenya. A deal to be concluded with Gaz de France. No wonder
Merrill Lynch is so keen on the stock.

Tullow is a great company but in my opinion expensive compared with Dana

Any one know the ex div date as I only hold these as a bet and obviously receive no company info.

cheers

ianwas

!st June last year.

ianwas

!st June last year.

ianwas

!st June last year.

saintserf

dana isnt a pure exploration play at all. Results in march had average production of 19,683 boepd producing revenue of 165m, net profit of 64.2m and an EPS of 80.1p. Proven reserves of 111.5mboe and total reserves of 235.8mboe as well as 92m cash.

Current production is thought to be approx 26,000 boe with a target of 40,000 boe by the end of 2007. This doesnt however include any future drilling

Exploration wise a total of 40 wells are planned by the end of 2008, targetting 2.1 billion barrells, with 4 wells being drilled in 2nd half 2006 all potentially company transforming

The other advantage Dana currently have to most of their peers is that they have no hedging in place so receive the full benefit from rising oil prices

ian was I think it's the middle of May you have to be holding them and you get the dividend in the middle of june.

Sorry fundamentalist. I was wrong. I think I meant by exploration that that is where a lot of their value should come from and where they're probably underpriced. But what I wrote sounds stupid. Well done on the figures you've posted.

Hmmm only 3 weeks since anyone's posted on this board, and that was me. I guess tlw must be mainly held by institutions by now. Of course since then it has enjoyed another decent rise, about 10% I think. Maybe a bit slow for most bb posters. Of course it could all come crashing down with a thud, but I like the way it keeps gently rising, not too worrying for the old coronaries. Another cracker is xta if you've got the balls. I'm not sure I have.

We're coming up for the exdividend date in a week I think, and as the price keeps going up the % of dividend should be rising too. Honestly though, I'm surprised no-one's responded to the news from merril lynch or morgan two weeks ago with their broker's note initiating coverage of the uk oil and gas sector, saying tlw was their favourite, with a short term target of 480. They then kindof corrobarated the IC's view and my calculation, that tlw had the potential in its assets to add another 900p to the sp. Yikes, ie. increase the sp by 3 times, I feel vindicated. Well, here's hoping but I'm not too worried on this one.

Oh, by the way the Naked Trader's bought more of this too.

Sorry, it would only increase the sp by 2 times. Oh what a fool I am!

I just wish I'd held on here instead of taking profits-been waiting for a fall to get back in but no chance so far!!

Moneyplus, what can I say?

I dont know if there'll be a fall or if it's safe enough to buy more. Really cant say.

sp of most shares pulls back during the summer but the sell in May brigade don't seem to have arrived so far! well done for staying in.