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!

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.

Merrill Lynch note:
"Attractive portfolio qualities remain discounted — Our proprietary Oil Vision work highlights the quality and defensiveness of Tullow’s portfolio. We believe the concerns around Tullow’s balance sheet and timing of the TEN development are more than discounted in the current valuation with the shares trading below our core NAV of 354p (assuming a long-term oil price of US$75/bbl and 10% discount rate). Our core NAV includes no value for exploration/appraisal upside in Tullow’s portfolio and risks by c. 15% its non-sanctioned developments (Kenya/Uganda). We upgrade to Buy (1H) from Neutral (2H) and raise our price target to 433p (from 406p).

 Development portfolio well positioned on the cost curve — Ghana is a key driver of Tullow’s production growth out to 2018E. We forecast E&P production to rise from c.75k boe/d in 2014 to 119k boe/d in 2018 (12% CAGR). Beyond 2018, growth should come from the planned Ugandan and Kenyan export developments, but also targeting high-margin barrels to extend (and possibly) increase plateau production at the Jubilee field. Overall, we see Tullow’s E&P growth as well positioned on the cost curve, with an average oil price breakeven of c. US$45/bbl.

 Balance sheet strengthened to deliver near-term growth — The recent refinancing and covenant amendment provides Tullow with increased financial flexibility to deliver its near-term developments. We see borrowing levels peaking in 2016, with gearing (net debt/equity) at c. 100% on our oil price deck (US$75/bbl real LT). The successful farm-out of future developments (Uganda and Kenya) could bring forward the value from these projects and see Tullow de-lever more quickly.

 Arbitration between Cote d’Ivoire and Ghana remains a near-term risk — Ghana and Cote d’Ivoire are engaged in ongoing arbitration process regarding the maritime boundary between the two countries. Our base case assumes that the risk of a suspension of operations in the disputed area (which includes the TEN project) is low, as it would be detrimental to all parties. Final resolution on the boundary dispute is not expected until the end of 2017, but the court is expected to rule on whether operations should be temporarily suspended in the disputed area in April."

Goldman Sachs summary:
"Tullow up to Buy; diversified and strategic portfolio
We upgrade Tullow to Buy from Neutral with an updated 12-month price target price of 411p (from 416p), implying 21% upside. We believe the stock offers exposure to a strategic asset base, given its materiality, oilphase and positioning towards the bottom of the cost curve in Western and Eastern Africa. In our view, Tullow’s full-cycle portfolio offers diversification and a cash flow uplift driven by the TEN developments in Ghana (due on-stream in mid-2016); on our estimates, Tullow will turn FCF positive from 2017. We continue to believe Tullow is fully funded for this development, particularly given its successful credit facilities renegotiation. Africa Oil up to Buy; Lokichar basin exposure in Kenya

ST biz section #3 ....

Tullow Oil wins crucial Ghana battle
Shares in Tullow Oil are set to gush tomorrow after a tribunal ruled that it could proceed with a $5bn development .........

StockMarketWire.com
Tullow Oil said the Special Chamber of the International Tribunal of the Law of the Sea (ITLOS) in Hamburg has rejected Cote d'Ivoire's request that Ghana be ordered to suspend all oil exploration and exploitation in the disputed zone including the TEN Project.

Development work on the TEN Project continues. The project is now over 55 percent complete with all 10 of the wells expected to be online at first oil already drilled. The project remains within budget and on schedule with first oil expected in mid-2016.

ITLOS has ordered a number of provisional measures which both Ghana and Cote d'Ivoire are required to comply with; including continued cooperation until ITLOS gives its decision on the maritime boundary dispute which is expected in late 2017.

Tullow is not a party to this arbitration process and will now await a decision by the Government of Ghana on how it will implement the provisional measures order.

The Jubilee Field is completely unaffected by this arbitration.

StockMarketWire.com
Tullow Oil has issued a trading update for the period Jan. 1 to April 30, 2015. This statement is issued in advance of the Group's Annual General Meeting which is being held at the Haberdashers' Hall in London, at 12pm today.

CEO Aidan Heavey commented:

"Over the last six months Tullow has reset its business to deal with the fall in the oil price. We have increased our existing debt facilities, amended our banking covenants, suspended our dividend, refocused our capital on near term production and are making substantial cost savings across the Group.

"Operationally, we have performed well with good progress in Kenya in the South Lokichar Basin and at the Jubilee field in Ghana where we have seen increased oil production due to sustained gas export. The TEN Project remains within budget and on schedule for first oil in mid-2016 and the recent decision from the arbitration between Ghana and Côte d'Ivoire allows the project to continue.

"Because of the actions we have taken and the recent ITLOS decision, the outlook for the remainder of this year and into 2016 is very positive. We are on track to deliver 100,000 bopd net production from our West Africa portfolio in 2017 and are identifying exploration prospects to target as part of future drilling campaigns."

Highlights
· Group average working interest production for the first quarter 2015 is in line with expectations; West Africa averaged 65,800 bopd and Europe averaged 9,000 boepd. Full year guidance remains unchanged for both regions.

· The Special Chamber of the International Tribunal of the Law of the Sea (ITLOS) in Hamburg has rejected Côte d'Ivoire's request that Ghana be ordered to suspend all oil exploration and exploitation in the disputed area including the TEN Project.

· The TEN Project is now over 55 percent complete with all 10 of the wells expected to be online at first oil already drilled. The project remains within budget and on schedule with first oil expected in mid-2016.

· Progress continues across the East Africa development towards the option to sanction the project by the end of 2016.

· Continued appraisal success in the South Lokichar basin further underpins resource base of 600 mmbo.

· $200 million exploration budget for 2015 includes high-impact wells in Norway (Bjaaland & Zumba), Kenya (Cheptuket) and Suriname (Spari).

· Additional $450 million funding capacity secured under existing credit facilities and RBL covenant amended.

· Year to date revenue and cost of sales are in line with expectations; business remains well funded with current net debt of approximately $3.5 billion and unutilised debt capacity and free cash of approximately $2.3 billion.

· Major Simplification Project is well under way and will deliver savings of around $500 million over three years.

· Capex guidance for full year 2015 remains unchanged at $1.9 billion.

Deutsche Bank stays hold on Tullow, target raised to 380p from 370p.

Citigroup stays buy on Tullow Oil, target raised to 500p from 433p.

Cantor summary note:
"The last 12 months have been challenging for the oil and gas sector and in particular for Tullow. In order to withstand the current subdued macro environment, the company has increased and diversified its sources of debt capital, reduced its exploration expenditure, implemented significant cost saving initiatives, and suspended its dividend. We believe however that an over reliance on debt to fund risky ventures could prove costly. We initiate coverage with a SELL recommendation and TP of 342p."

StockMarketWire.com
Tullow Oil said gas export from the Jubilee Field to the Ghana Gas plant at Atuabo has been suspended since 3 July 2015 due to technical issues with gas compression systems on the FPSO Kwame Nkrumah and is expected to resume by mid-August.

Oil production is currently constrained to approximately 65,000 bopd and is under constant review but there is no effect on the Field's reservoir or resources.

Tullow has mobilised a team of experts to rectify the fault within the gas compression system and estimates that it will take approximately a further 3 weeks to reinstate gas export and full oil production.

Tullow will review its 2015 production forecast for Jubilee and provide an update on progress at its half yearly results on 29th July.

StockMarketWire.com
Tullow Oil has narrowed its H1 pretax loss to $10m, from a loss of $29m. Sales revenue was $820m, from $1.27b. Interim dividend was nil, from 4p a share.

HIGHLIGHTS
· Financials in line with expectations; impacted by oil price decline with average realised oil price after hedging for 1H 2015 of $70.6/bbl (1H 2014: $106.7/bbl); operating profit of $97 million, up 169% (1H 2014: $36 million) mainly due to a lower exploration write-off of $88 million (1H 2014: $402 million) resulting in reduced loss after tax of $68 million (1H 2014: loss of $95 million).

· Net debt at end 1H 2015 was $3.6 billion with facility headroom and free cash of $2.3 billion; 60% of 2015 entitlement production hedged with an average floor price of $86/bbl; no debt maturities ahead of TEN Project coming on stream.

· 1H 2015 capital expenditure of $783 million (1H 2014 $1,048 million); 2015 full year forecast remains $1.9 billion.

· The Group's restructuring programme has resulted in a significant headcount reduction across the business which, with other related cost savings, will total $500 million over three years. These savings will start to be recognised in 2H 2015 as lower cost allocations are made to G&A, opex and capex.

· 1H 2015 West Africa oil production within guidance averaging 66,500 bopd with Jubilee averaging 105,000 bopd gross; full year guidance remains 66,000-70,000 bopd however gross Jubilee average production is now expected to revert to previous guidance of 100,000 bopd following short term production constraints due to a gas compression issue on the FPSO.

· TEN Project in Ghana c.65% complete; on schedule and on budget for first oil in mid-2016.

· In East Africa, Kenya Extended Well Testing and appraisal drilling continues to underpin resource base; Uganda CGT dispute settled.

· Exploration campaign in 2H 2015 currently focused on Suriname (Spari), Norway (Salander) and Kenya (Cheptuket).

StockMarketWire.com
Tullow Oil said it continues to make good progress in 2015 having reset the business and with continued emphasis on managing costs, capital expenditure and the balance sheet.

"We are also focused on operational efficiency and the Jubilee compressor issue has been resolved ahead of schedule. With production back to normal at Jubilee, we expect to meet our full year production guidance," said CEO Aidan Heavey in a statement.

"Looking forward, we plan to further deleverage the business as we look at non-core assets and our retained equity in our major developments. The decision by the Governments of Uganda and Kenya with regard to the pipeline route will allow this significant project to move into a new technical and commercial phase."

OPERATIONAL HIGHLIGHTS:
Jubilee field production - Ghana
Tullow is pleased to report that following the completion of work on the gas compressor on the FPSO Kwame Nkrumah, gas exports from the Jubilee field have resumed ahead of the mid-August forecast. Gas export restarted on 3 August 2015 and has steadily increased to around 100 mmscfd. Oil production has consequently increased and has now returned to previous rates.

East Africa operational update - Uganda and Kenya
Following a state visit to Uganda by His Excellency Uhuru Kenyatta, President of the Republic of Kenya, a joint communiqué from both Governments was issued on 10 August 2015 which stated that, "the two Heads of State agreed on the use of the Northern Route i.e. Hoima-Lokichar-Lamu for the development of the crude oil pipeline." Tullow is pleased the governments of Uganda and Kenya have agreed on a route for the regional crude oil export pipeline. This is a major milestone and Tullow looks forward to working with the Governments and partners on development of the significant discovered oil resources in Uganda and Kenya.

Exploration update - Suriname and Norway
In Suriname, the Spari-1 well in offshore Block 31 is currently being plugged and abandoned. Despite the presence of targeted Campanian turbidite sands in the well no significant hydrocarbon shows were encountered. The well was drilled in 52 metres of water to a total depth of 3,830 metres. Tullow has 30% equity in this INPEX operated block.

In Norway, the Salander well in offshore PL 650 found sandstones with good reservoir properties but no hydrocarbons were encountered at this location. The well was drilled in 350 meters of water to a total depth of 2,439 metres and will be plugged and abandoned. Tullow has 25% equity (subject to final government approval) in this E.ON E&P Norge AS operated licence.

Could fall to 100p here soon.