Tullow Oil plc is one of the largest independent oil and gas, exploration and production companies in Europe. Tullow Oil produces over 56,000 boepd, with a primary focus on UK Gas and West African Oil, underpinned by development projects in the UK, Africa and South Asia.

            Red = 25 day moving average.           Green = 200 day moving average.

Holding both !.

Well done same here.

an interesting conundrum
it is heavily rumoured that TLW will exercise their option to buy the HOIL Uganda licences, thus scuppering ENI's effort.
the big Q is what will be the effect of so doing, not only on TLW, but to a lesser extent to HOIL?

I thought a year ago that Tullow Oil should buy Heritage Oil...they should have done so.

Can they buy DGO. It's 50% undervalued over TLW

why on earth would TLW want to do that?

A company will only acquire another company that fits in with their development program....Dragon oil might not fit the bill but Heritage would.

any idea why TLW and HOIL have both lost ground today??

HOIL - because there is now no compelling or even particular reason to hold
TLW - has only lost a smidge, and that is presumably because it will be shelling out for HOIL's Uganda stake

whats the future possibilities for hoil then cynic?

no idea ..... i'm out of them for now ..... check their site as i think they may also share another field with TLW off ghana or nigeria

The problem with both HOIL and TLW and their discoveries in Uganda is the massive investment required to exploit these finds. It is difficult to believe either company can afford to go it alone hence HOIL deciding to sell out to ENI.

TLW have, i think, already said they cannot afford the (whole) development .... the logic for TLW buying the HOIL stake will be to give them a much stronger bargaining hand when it comes to selling on

Don't think TLW will try to outbid ENI for HOIL'S Uganda assets, unless ENI back away from the deal.

they don't need to ... TLW have pre-emption rights at the same price that ENI paid

Important news today....

yes, but no surprise .....
TLW exercises its pre-emption rights over HOIL Uganda block

A technical tip on uk-analyst

More good news:
Buliisa Tullow Oil has discovered more oil in Bunyoro sub-region, the firm has announced. "Tullow Oil plc announces that the Nsoga-5 appraisal well, which is located in the Butiaba region of Uganda Block 2, has successfully encountered 10 metres of net oil pay," a July 15 statement posted on the company's website reads in part.

Endless discoveries

Uganda continues to enjoy back to back oil discoveries in the Albertine grabben where oil explorers are exploring for oil. The explorers have so far discovered over 2 billion reserves of petroleum deposits in the grabben. Commercial oil production is anticipated to commence next year. According to the statement, the Nsoga-5 appraisal well was drilled to a total depth of 587 metres, 2.3 km to the north-east of the Nsoga-1 discovery well, targeting equivalent reservoirs in a previously un-drilled fault block.

Production potential

"The successful Nsoga-5 well was the first of a multi-well appraisal programme planned to further evaluate the extent and production potential of oil accumulations in the greater Nsoga area" the statement said.

The OGEC IRI-750 rig will now move 2 km south to the Kigogole Field where it will drill the Kigogole-5 appraisal well. Tullow Oil has interests in three licenses in the Lake Albert Rift Basin in Uganda. The company operates Block 2 with a 100 per cent interest and has a 50 per cent interest in Blocks 1 and 3A which are operated by Heritage Oil (50 per cent).

TLW continues its amazing run of successful drillings ....

Owo-1 exploration well discovers new oil field
26 July 2010 - Tullow Oil plc (Tullow) announces that the Owo-1 exploration well in the Deepwater Tano licence offshore Ghana has intersected a significant column of excellent quality light oil. Results of drilling, wireline logs and samples of reservoir fluids have established Owo as a major new oil field requiring further appraisal.