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!

A freefall in sp tomorrow..?

Back towards the 360/70 range .

And from the Telegraph :-



Tullow to post record loss and soaring debts

The Africa-focused company has already told investors to brace for about $2.7bn (£1.8bn) in write-offs, of which $1.8bn are a result of the oil market turmoil






By Ben Martin

8:04PM GMT 07 Feb 2015

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Tullow oil is poised to lay bare the damage wrought by the collapse in crude prices this week when the company posts record losses on the back of £1.8bn in writedowns and impairments.


The FTSE 100 oil explorer is expected to swing to a $1.9bn loss on Wednesday when it posts full-year results, from $313.2m in pre-tax profits in 2013, raising the possibility of a dividend cut and job losses as it seeks to quickly bolster its weakened balanced sheet.


The Africa-focused company has already told investors to brace for about $2.7bn (£1.8bn) in write-offs, of which $1.8bn are a result of the oil market turmoil. Investors and analysts are becoming increasingly concerned about the company’s ability to stay within its debt covenants in the coming year.


Tullow disclosed last month that it ended 2014 with net debt of $3.1bn, and RBC Capital Markets expects the explorer’s borrowings to grow to $4.2bn by the end of 2015. Should oil prices remain weak, the company is expected to breach its banking covenants.


Brent crude has slumped from its peak of $115 a barrel in June to trade as low as $45.19 in January. Tullow has seen its share price more than halve since crude touched its high last year, and the stock closed at 410.1p on Friday evening, valuing the oil explorer at £3.7bn.




Worries about its debt load have weighed on the shares, and pressure to shore up its finances have put the company’s final dividend under threat, according to analysts.

Tullow is also expected to use its results to detail cost-saving measures, which are likely to include job losses among its 2,000 employees.

Spending has already been slashed, with the budget for exploration this year cut to $200m from $1bn at the start of 2014. The company indicated last month that it was also reviewing its headcount.

“There is an expectation that people will be let go,” said Al Stanton, an analyst at RBC. The fate of the shareholder pay-out is also uncertain.

“If they pay 8p, which is the typical final dividend, then that will be $110m of cash flowing out of the business. To my mind, I don’t think anyone buys Tullow [shares] for the dividend, so if you cut it you’ve saved yourself $110m.

“I’m not sure that’s how management sees it and if they believe that the oil price is going to recover, maybe not in this year but down the road, then they will be tempted to maintain the dividend.”

is freefall defined as being down 0.4p?

Ask mitzy.

I'm going to wait for results Wednesday, most of the above doom and gloom known in Jan and at least some of it may be already priced in.

Think mitzy does skydiving.......... without a shute.,.

.

Chris ,i think your right , however it depends if oil can stay on the up, cause if not i still think this goes back to 360/70 ,it has done that and bounced several times .

Ok jimmy.

very droll Balerboy I like to stand on terra firma thanks .

but with your head in the clouds i take it :-)

lol..

enjoy your meal..

On the run again today i'm surprised ..

Mind you so is PMO / GENL

now up about 15p but not sure why

Me too ,surprised me today lucky i didn't go short i was / am still convinced this will retrace .

Same with PMO / PFC , GNEL not so much .

i have PMO, TLW and LAM (and PFC too early) in my sipp on the basis of eventual recovery, and if i'm lucky, a t/o of one or more

i don't fancy trying to (day) trade these as i think it's far too difficult

Capital went below 12% this morning, so perhaps there might be a bigger buyer in the wings or some other positive news resulting in todays rise? Just speculating.

StockMarketWire.com
Tullow Oil has swung to a FY pretax loss of $2.047bn, from a year-ago profit of $313m. Sales revenue was $2.213bn, from $2.647bn. Its full dividend per share was slashed 67% to 4p a share, from 12p.

The loss followed significant non-cash impairments and write-downs exacerbated by lower oil prices.

These included an exploration write-off totalling $1.7 billion following previously reported unsuccessful exploration activities in 2014 ($0.5 billion) and from prior years ($1.2 billion).

In addition, an impairment charge of $0.7 billion on producing assets including goodwill on the Spring Energy acquisition was incurred and a loss on disposal of $0.5 billion.

The Group's core oil assets in West Africa are generating significant cash flow for the Group and will attract the greatest share of capital investment in 2015.

Exploration will continue to be a key part of Tullow's long-term growth strategy. However, given the current expectations for the oil price, Tullow will focus the majority of its E&A expenditure on its operated onshore East African portfolio and tax-efficient Norway wells.

In 2015, net E&A capital expenditure will be around $200 million after the Norway tax rebate. During 2015, Tullow will continue to seek new low cost and highly prospective acreage in its core areas of Africa and the Atlantic Margins to ensure that the business maintains an industry-leading exploration portfolio.

The TEN project, Tullow's second major operated deepwater development in Ghana, remains on track for first oil in mid-2016. The development utilises an FPSO with a facility production capacity of 80,000 bopd gross.

In preparation for the next phase of investment in the Jubilee field, discussions are continuing with the Government of Ghana on the approval of future long-term development activities.

In February 2014, a Memorandum of Understanding was signed between the Government of Uganda and Tullow, CNOOC and Total which outlines the framework for the Lake Albert Rift Basin development which is targeting over 200,000 bopd gross production.

In Kenya, development studies have commenced which could result in production of around 100,000 bopd gross. The joint venture partnerships in both countries are aiming to reach project sanction, which includes a regional export pipeline, by the end of 2016.

Well it's nearly back to my 360/70P range ...