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!

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 ...

Chart doesn't look great jimmy. 350p hopefully worst case scenario, but unless oil picks up reluctant to go long. May get a short term bounce as shorts may or may not take profits. Plenty of scope to get in when recovers. Watching.

Yes i'm not tempted yet either , if i see this and PMO etc tank big again then maybe .

The Capital Group Companies, Inc. go below 11%

StockMarketWire.com
Tullow Oil has been advised by the Government of Ghana that the Government of Côte d'Ivoire has applied for provisional measures to be ordered in Ghana's maritime boundary dispute with Côte d'Ivoire which is in arbitration before a Special Chamber of the International Tribunal of the Law of the Sea (ITLOS) in Hamburg.

The provisional measures application includes a request that ITLOS orders Ghana to suspend ongoing exploration and exploitation operations in the disputed area in which the TEN project is situated until ITLOS gives its full verdict which is expected towards the end of 2017. Tullow understands that a decision on this application for provisional measures should be handed down before the end of April.

This arbitration was begun by Ghana last year in an effort to resolve a dispute with regard to the maritime boundary between Ghana and Côte d'Ivoire. Tullow's advice from external counsel is that Ghana has a strong case under international law that the current boundary location, which follows an equidistance line, will be upheld by ITLOS in accordance with the Law of the Sea Convention to which both states are party. Work on the TEN project continues and remains on schedule and on budget for first oil in mid-2016.

Aidan Heavey, chief executive officer of Tullow Oil, commented: "Tullow has long had interests in and strong relationships with both Ghana and Côte d'Ivoire and we have conducted our operations in both countries in line with our obligations as a contractor under our Petroleum Agreements and in accordance with international operating standards.

"Although the arbitration process allows for an application of provisional measures, it is our view that it is in the best interest of all parties that the TEN project continues to move ahead without delay and unencumbered by legal tactics of this nature."

Oil issues were prominent to the downside today, following crude lower. Tullow Oil (TLW) led with a 7.06% fall to 359.95p amid reports it would likely be relegated out of the FTSE 100.

325p today a new low.

StockMarketWire.com
Tullow Oil said its Engomo-1 exploration well, in block 10BA, was drilled but no significant oil or gas shows were encountered and the well has been plugged and abandoned.

"Engomo-1 was the first well drilled in the large North Turkana Basin and is located west of Lake Turkana where numerous naturally occurring oil slicks and seeps have been observed," the company said in a statement.

Analysis was now being focused on high-grading the remaining prospectivity in the basin. The SMP-106 rig will now be demobilized.

Tullow was continuing its extensive exploration and appraisal programme in the South Lokichar Basin in Blocks 10BB and 13T, which has the joint objectives of proving reservoir quality and defining the resource estimates to ultimately progress the development of the discovered resources.

Exploration director Angus McCoss said:

"Whilst we would have hoped for basin opening success in the North Turkana Basin's first wildcat well, Engomo-1, we still have a vast amount of undrilled acreage with identified prospects and leads providing significant remaining exploration potential.

"There is further good news from our appraisal programme in Northern Kenya where the Ngamia-7 well has successfully tested and extended the eastern flank area of the oil field.

"This result, and the promising initial flows from the Amosing oil field extended well test, give us further confidence in the size and scale of our two cornerstone fields for the development of the South Lokichar Basin.

"The results to date from Ekales-2 are also very encouraging and we are very pleased with the results from the 3D seismic survey which reveals there is important additional prospectivity in this exciting new oil province."

Hovering above 300p.

You've got to be a brave man to go long on this stock. I guess at some point I will be more tempted than I am now.

thought for the day ......
it must be very likely that young george will be offering some pretty serious incentives to the north sea oil producers in the the budget this week
that being so, the likes of TLW and perhaps more so, PMO would be beneficiaries, and therefore perhaps worth a punt at the current depressed levels

StockMarketWire.com
Tullow Oil said it now has about $6.3bn of currently committed debt facilities with no near-term maturities. This was announced as part of an update on its financing and banking arrangements.

Tullow and its lending banks have:
· completed the six-monthly Reserve Based Lend (RBL) redetermination process; the quality of our asset portfolio supported a US$200 million increase in lenders commitments, increasing available debt capacity from US$3.5 billion to US$3.7 billion, despite lower oil prices;

· arranged an additional US$250 million of lenders commitments, secured through the corporate credit facility which has been increased from US$750 million to US$ 1 billion; and

· agreed an amendment to the financial covenant on the RBL and corporate facility to address the risk of any potential covenant breach during a period of oil price volatility and investment in production and development assets in West Africa.

Citigroup lifts Tullow Oil to buy from neutral, target raised from 406p to 433p.