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!

Goldman Sachs today reaffirms its sell investment rating on Tullow Oil PLC (LON:TLW) and cut its price target to 221p (from 221.80p).

Jefferies International today (09/01/17) reaffirms its underperform investment rating on Tullow Oil PLC (LON:TLW) and raised its price target to 250p (from 197p).

Operational update:

http://www.moneyam.com/action/news/showArticle?id=5477958

11 January 2017 - Tullow Oil plc (Tullow) issues this statement to summarise recent operational activities and to provide trading guidance in respect of the financial year to 31 December 2016. This is in advance of the Group's Full Year Results, which are scheduled for release on Wednesday 8 February 2017. The information contained herein has not been audited and may be subject to further review and amendment.

This morning Tullow has also issued a release on Board changes. The Group will host a conference call for Investors and Analysts today at 09:00 UK time. Details for the call can be found at the end of this statement.

COMMENTING TODAY, AIDAN HEAVEY, CHIEF EXECUTIVE SAID:
"2016 was another tough year for the oil & gas sector and for Tullow. However, the Company showed exceptional resilience and strong operational performance to deliver TEN on time and on budget; to deal with the technical issues at Jubilee; make good progress in exploration and development in East Africa and begin the process of reducing our debt from free cash flow. Tullow is therefore now very well placed to take advantage of the opportunities that conditions in the sector offer. We took action early to deal with lower oil prices and we are now benefitting from the re-set and re-structured business that we created. Our $900 million farm-down in Uganda this week is clear evidence of the commercial attractiveness of our East African portfolio and our ability to manage our assets according to the strategic and financial needs of the business."

StockMarketWire.com
Tullow Oil said the Erut-1 well in Block 13T, northern Kenya, has discovered a gross oil interval of 55 metres with 25 metres of net oil pay at a depth of 700 metres.

The overall oil column for the field is considered to be 100 to 125 metres.

The objective of the well was to test a structural trap at the northern limit of the South Lokichar basin.

The Erut-1 well was drilled ten kilometers north of the Etom-2 well and shares important characteristics. Fluid samples taken and wireline logging all indicate the presence of recoverable oil.

Erut-1 successfully shows that oil has migrated to the northern limit of the South Lokichar basin and has de-risked multiple prospects in this area which will now be considered in the Partnership's future exploration and appraisal drilling programme.

The PR Marriott Rig-46 drilled the Erut-1 well to a final depth of 1,317 metres and will now move to the southern part of Block 10BB where it will spud the Amosing-6 appraisal well.

Tullow operates Blocks 13T and 10BB with 50% equity and is partnered by Africa Oil Corporation and Maersk Oil both with 25%.

StockMarketWire.com
Tullow Oil has narrowed its FY after-tax loss to $597.3m, after write-offs and impairments, from a year-earlier loss of $1.04bn.

Sales revenue was $1.3bn, from $1.6bn.

"The clear highlight of 2016 was delivering Ghana's second major oil and gas development, the TEN fields, on time and on budget," said CEO Aidan Heavey.

"Production from TEN, alongside our other West African oil production, has provided Tullow with positive free cash flow and enabled us to begin the important process of deleveraging our balance sheet," he added.

Heavey said that as Tullow focused its free cash flow primarily on reducing debt, capital discipline remained critical.

"We have made excellent progress with our East African developments and are building a high quality exploration portfolio to grow our business."

OPERATIONS HIGHLIGHTS:
- West Africa net working interest oil production, including production-equivalent insurance payments, averaged 65,500 bopd in 2016 and in 2017 is expected to average between 78,000 and 85,000 bopd.

- TEN development delivered on time and on budget in August 2016; 2017 gross forecast of 50,000 bopd. Drilling is expected to resume in 2018 after the ITLOS ruling which is expected in late 2017.

- Jubilee field 2017 net production forecast of 36,300 bopd, including insured barrels; Turret Remediation Project making good progress with costs being offset by insurance payments.

- Uganda deal provides upfront cash and deferred payments to cover upstream and pipeline capex to first oil and beyond.

- Kenya exploration and appraisal programmes continue to support resource growth; Erut-1 oil discovery de-risks additional prospects in the north of the South Lokichar Basin.

- New Ventures activity delivers acreage in Zambia and Guyana; 2017 activity includes high impact Araku-1 well in Suriname and seismic campaigns in Mauritania, Kenya, Ghana, J

i admit to being a financial moron, but TLW's numbers don't look all bad to me given the torrid time the company has been through in the last couple of years

my view, probably wrong, is that this morning's dip is a case of "sell on the news", thus presenting a reasonable buying opportunity, though not for significant profit over the next month - ie tuck 'em away

=============

so i did at 283.2

The trend seems to be very slowly 'up' and with the increasing price of crude, I would do the same if I had some spare cash. Next set of figures should be even better, barring anything unforeseen.

Still falling but more slowly today but a drop of around 5p a day has been the norm

another 5p fall, as the oil price spike down late on the day

15 minutes delay

Fri 12:32, 17/02/2017

re - Time for a bounce

259p and 261 are the magic numbers, bought some at 259.2p

Has had a large retracement Fibonacci 78.6% and looks like it wants to bounce at the same time from the 200 days MA. Order book has been strong on the bid side since 11am

268p +8.70 (+3.36%)

It seems like the right time for the bounce today the fall last Friday was smaller and was bouncing from the 259p and 261 magic numbers.

A marked up from the start of the day and holding with the gains since as the Oil price rise is helping with the bounce

No matter what these nearly always bounce back.

278.20p +9.20 (+3.42%)

The bounce goes on on another strong day, well help by the OIL price on the rise this morning

280p should be well on side today at this rate as the order book at the moment is strong on the bid side though it does change very often just like now.
DEPTH 119 v 100

271.70p Change: 2.10 (+0.78%)

There was some profit taking last week once it reached that round figure 280p

Yesterday's oil price did get the share price moving higher and today has continued with the rise, though the oil price is today falling.
Nevertheless is one of a few on the rise today on the oil sector
Order book keep changing from being strong (275p )on the bid side to weak just now
DEPTH
110 v 132

Any repercussions from this listing envisaged short or medium term does anyone think?

http://www.moneyam.com/action/news/showArticle?id=5507763

StockMarketWire.com
Tullow Oil has proposed a 25-for-49 fully underwritten rights issue to raise about £607m (or, c.$750m) at a discounted 130p a share, as it moves to reduce debt.

Separately, Tullow Oil said it has agreed to a Uganda farm-down that once complete would mean it had ceased to be an operator in that country, but would retain a presence in-country to manage its non-operated position.

Returning to the rights issue, Tullow Oil said it required shareholder approval and would comprise about 466.9m new shares.

"In light of its high level of debt and the resultant lack of financial flexibility, the group intends to accelerate the reduction of its debt towards its gearing policy of less than 2.5x net debt/Adjusted EBITDAX," said Tullow Oil in a statement.

This would be achieved via a combination of net proceeds from the rights issue, improving cash flow from production growth, and value enhancing portfolio management activities, including future asset sales and farm-downs.

The rights issued was at a a discount of about 45.2% to the closing price of 237.3p on March 16 March, and at a discount of about 35.3% to the theoretical ex-rights price of 201.1p per new share calculated by reference to the closing price on the same day.

Meantime, Tullow said it had agreed to farm-down 21.57% of its 33.33% interests in Exploration Areas 1, 1A, 2 and 3A in Uganda to Total E&P Uganda B.V. (Total) for a total consideration of $900m.

CNOOC Uganda Ltd had notified Tullow that it had exercised its pre-emption rights under the joint operating agreements between Tullow, Total and CNOOC to acquire 50% of the interests being transferred to Total on the same terms and conditions that were agreed between Tullow and Total.

Completion of the farm-down was subject to certain conditions, including the approval of the Government of Uganda.

"Once the farm-down has completed, Tullow will cease to be an operator in Uganda but will retain a presence in-country to manage its non-operated position," the company said.

AAARRRGGGHHH!!
very spiteful and sure didn't see that one coming
once the dust settles i wonder what the considered reaction and opinion will be
certainly it will reduce the debt burden very considerably and in one hit rather than in dribs and drabs
with a longer term view, it could prove a very good value buy

assuredly helps that it is underwritten and i would expect that the large institutioinal shareholders were consulted before the event

This is a good move by Tullow to expand and reduce its debts. And we have rights to buy more at 130p a share. Time to pile in, I think.

I imagine it depends on your original entry price. I can see many folks holding at a higher price and using this opportunity to average down.

RBC note today:
"Tullow has been underperforming the oil price and its peers in recent days, and this morning the company announced a 25 for 49 rights issue, priced at 130p, to raise ~£590m (net). The fundraising should accelerate the recovery of Tullow’s balance sheet, but the placing is likely to satisfy investor demand for a stock that sits outside most indices; therefore, without a material pick-up in activity, the share price recovery could be sluggish. With that said, the fundraising is straight out of 1998-2003's oil price collapse recovery playbook, so we need to ask - has Tullow inadvertently put itself in play?
Use of proceeds: With a stronger balance sheet Tullow intends to accelerate the pace of growth over the next three to five years by invest in further infill drilling opportunities in both its operated and non-operated portfolio; undertaking exploration and appraisal around the Jubilee and TEN fields to further develop the high return near field resource base; undertake further exploration and appraisal activity in Kenya to further prove up the resource base; drill high-impact, potentially high return prospects across Tullow's African and South American portfolio; and new ventures.
In play: CNOOC has today preempted the Total deal in Uganda, which demonstrates interest in that asset and we see no reason why similar interest should not be exhibited in Kenya. Ghana has world class assets and Tullow’s refocused exploration potential has promise, and its value is not reflected in the current share price, in our view. The key wrinkle is the border dispute in Ghana that should be resolved in late 2017.
Our view: We were awaiting the 2004 playbook play: Exploration success.

Declared short interest is about 15%, which I suppose isn't surprising.