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!

StockMarketWire.com
Tullow Oil said the Emesek-1 exploration well in Block 13T, northern Kenya, has reached a total depth of 3000 metres without encountering commercial hydrocarbons. It will be plugged and abandoned.

The PR Marriott 46 rig will move to the South Lokichar basin to drill the Etom-2 well which is expected to spud in late November.

Tullow operates Block 13T with 50% equity and is partnered by Africa Oil Corporation, also with 50%.

StockMarketWire.com
Cantor Fitzgerald has downgraded its recommendation on Tullow Oil (LON:TLW) to sell from hold, stating that the share price rally following Maersk's acquisition of Africa Oil's Kenyan blocks was premature.

The broker also added: "Despite a challenging 12 months for the company, production remains within guidance at c.66,000bopd, and the TEN project in Ghana is now 75% complete with company forecasts still pointing to first oil mid next year.

"Nevertheless, we still have concerns regarding the company's leverage position, which we believe is a key factor in the company announcing that it will further curtail capex in 2016."

Analysts have increased their target price to 176 pence a share (from 168 pence), implying 14 per cent potential downside.

News Release http://www.moneyam.com/action/news/showArticle?id=5174844

Up going on for 7% in early trading.

up 70% would be more interesting :-)

- By Motley Fool | Tue, 15th December 2015

Tullow Oil

Tullow shares rose by 7% this morning, after the highly-regarded explorer announced a positive set of drilling results from the South Lokichar Basin in Kenya.

The firm said that the Etom-2 well in the South Lokichar Basin had found "102 metres of net oil pay in two columns". The oil was described as high quality. The Etom-2 well was drilled using data gathered with 3D seismic after the Etom-1 well came up dry. This suggests to me that Tullow's understanding of the local geology has improved, and that further discoveries could follow.

Tullow believes that the South Lokichar Basin could contain estimated mean gross resources of 600m barrels of oil. Following today's news, the firm says it will evaluate further drilling opportunities in the Etom area.

Shares in Tullow Oil have fallen by 61% so far this year and are currently at 10-year lows. The firm's $3.6bn net debt continues to concern me but today's discovery is a reminder of how Tullow has discovered very significant assets in the past, and could quite easily do so again.

I'm not sure I'd rush to buy into Tullow today, but I think it's definitely a stock to watch.

RBC Capital Markets today upgrades its investment rating on Tullow Oil PLC (LON:TLW) to outperform (from sector performer) and cut its price target to 260p (from 400p).

Barclays Capital today reaffirms its overweight investment rating on Tullow Oil PLC (LON:TLW) and cut its price target to 300p (from 330p).

Same as PMO , i wouldn't touch these small oilers at the moment ..

Market cap of £1,265m I wouldn't call TLW small, but I agree they are not a good investment at mo.

Still think they will fall to 100p.

so have you gone short to back mouth with money?
if so, i hope it was at a much higher price than currently

Trading statement http://www.moneyam.com/action/news/showArticle?id=5191833

A new low.

Irish listing notice http://www.moneyam.com/action/news/showArticle?id=5204983

9.2% declared short interest doesn't bode well for the short term.

StockMarketWire.com
Tullow Oil has narrowed its FY pretax loss from continuing activities to USD1.3bn, from a loss of USD2.0bn. Sales revenue totalled USD1.6bn, from USD2.2bn. It recommended that no dividend be paid.

CEO Aidan Heavey said:
"Today's results demonstrate that Tullow adjusted well to low oil prices in 2015. We secured current and future cash flow through good operational delivery in West Africa, continued to build our resource base in East Africa, significantly cut costs across the Group and benefitted from our strong hedging position.

"Our challenge in 2016 is to be equally robust in responding to the uncertainties that remain in the sector.

"In the year ahead, we have three key priorities: ensuring continued low cost production from West Africa - including the start-up of production from TEN between July and August 2016; driving further reductions in operating costs and capital expenditure; and focusing on deleveraging the balance sheet through free cash flow generation and strategic portfolio management.

"As we look ahead, we have a portfolio of world class, low cost oil assets which will produce around 100,000 bopd in 2017 and a major position in one of the world's newest, low cost, oil provinces in East Africa, both enabling us to create substantial value."

HIGHLIGHTS:
* Revenues down 27% on previous year; write-offs and impairment charges also impacted by the oil price decline, resulting in a loss after tax of $1.0 billion. Strong operating cash flow generation of $1.0 billion from stable production.

* Year-end 2015 net debt of $4.0 billion with significant facility headroom and free cash of $1.9 billion. RBL and RCF capacity increased by $450 million in March 2015; banking discussions with regard to March 2016 re-determination have begun.

* Mark-to-market value of oil hedges at 31 January 2016 of $668 million with 52% of 2016 entitlement oil production hedged at average floor price of around $75/bbl on a pre-tax basis (64% hedged on a post-tax basis); material 2017 hedging in place.

* Major Simplification Project completed resulting in improved organisational structure, efficient processes and reduced headcount of 37%; on track to deliver cash savings of around $500 million over three year period.

* Low cost per barrel oil production at Jubilee and the West Africa non-operated portfolio with 2015 opex at $10.0/bbl and $15.0/bbl respectively; cost savings and synergies from Jubilee and TEN in Ghana to achieve around $8/bbl opex in 2018.

* 2015 capex of $1.7 billion; $1.1 billion forecast for 2016 with work ongoing to potentially reduce to $0.9 billion; ability to reduce Group annual capex to c.$0.3 billion from 2017 onwards if the low oil price persists.

* West Africa working interest oil production averaged 66,600 bopd in 2015; production guidance in 2016 for the region is 73-80,000 bopd. TEN Project over 85% complete and on track and on budget for first oil between July and August 2016.

* Successful Kenya appraisal programme underpins estimated gross recoverable resource guidance of 600mmbo.

StockMarketWire.com
Tullow Oil has informed the Government of Ghana and its Partners of a change to operating procedures at the Jubilee field FPSO.

Following a recent inspection of the turret area of the Jubilee Floating Production Storage and Offtake vessel (FPSO), by SOFEC, the original turret manufacturer, a potential issue was identified with the turret bearing.

As a precautionary measure, additional operating procedures to monitor the turret bearing and reduce the degree of rotation of the vessel are being put in place.

SOFEC will now undertake further offshore examinations and Tullow will work with SOFEC to determine what further measures will be required. Oil production and gas export is continuing as normal.

Barclays comment today:
What’s a turret? An external turret (like the one on the Jubilee FPSO) is attached to the end of the vessel and moored (anchored) to the seabed. It has bearings that enable the vessel to rotate 360 degrees around the static turret. This allows the FPSO to be ideally positioned in response to weather conditions and water currents.
Our view: Tullow has disclosed a potential issue with the Jubilee FPSO turret bearing, a move we believe should avoid incomplete reporting of the operational changes in the Ghanaian media. The key message is that production continues as normal, but the existence of the issue does raise a new known unknown within the Tullow investment case. The Jubilee field accounts for 44% of our 278p/share Tangible NAV. We continue to rate the stock Overweight with a 280p price target.
Issue: A recent inspection of the Jubilee FPSO turret identified a potential issue with the turret bearing. As a precautionary measure, monitoring of the turret bearings has increased while the degree of vessel rotation is being reduced using tug boats. SOFEC, the turret manufacturer is undertaking further offshore examinations and will work with Tullow to determine any further measures required. SOFEC is also the manufacturer of the external turret installed on the FPSO to be used for Tullow’s TEN development.
Impact: Production from Jubilee is not affected, with the field accounting for 45% of our 2016E net production forecast for the company. We believe the precautionary measures should only marginally impact operating costs. Tullow has FPSO insurance and production interruption insurance, limiting the potential for any future remedial activity to materially impact Tullow’s financial position.

If the bottom of the oil price has been reached, some of these oilers might be worth watching, though presumably their next set of figures are going to be dire, due to the low oil price. Just depends on how forward looking the market is, imo.

RBC note:
"Ahead of next week’s maintenance shut-in, and a change in offloading procedure to help address issues associated with offloading without the ability to weathervane the FPSO, Tullow as operator of the Jubilee field has declared force majeure on two crude cargoes, Reuters reported yesterday. This two-week shut-in is reflected in the participants’ FY16 production guidance of ~100,000b/d (gross). Given the logistics involved in a material work-over campaign, we do not expect the issues associated with the turret system to be resolved during this shut-in. Assuming an unscheduled maintenance shut-in later this year, we would note that Tullow as operator has hull and machinery insurance for the joint venture while the individual participants have their own loss of production insurance."