Company
LON:TLW
Tullow Oil PLC is a leading independent oil and gas, exploration and production group and is quoted on the London and Irish Stock Exchanges. The group has interests in over 90 production and exploration licences in 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.
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It sets Eco and partner Tullow Oil up to drill the Osprey exploration well next year, but ahead of that attention will be on an upcoming Chariot Oil & Gas well which will be the next test in the frontier
"The Cormorant-1 frontier exploration well was a bold attempt to open a new oil play in this area of Tullow's offshore Namibia acreage,” said Angus McCoss
The UK blue-chip index lost almost 32 points at 7,458
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A look back at some of the more interesting stories from the junior market over the past week
It was another busy week of deals and operations updates in the junior oil and gas sector.
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A glance at some of the day's highlights from the Proactive Investors newswire
A look at some of the top risers and fallers in London on Thursday
The payment from Total is expected to fund Eco's participation offshore Guyana for a number of years, including well costs once exploration drilling gets underway
The UK blue chip index rose 34 points to 7,308 around 3.40pm
In the longer term exploration drilling will tell, nonetheless, a near 3bn barrel 'pre-drill' resource is certainly attractive for speculative investors
The City broker said its risked valuation for United Oil & Gas is now 18.7p per share on a fully diluted basis, having already upped it to 17.1p per share, from 15.7p last month
Seismic interpretation, a farm-out milestone and a new competent persons report are in September's schedule
The City broker noted that the UK Oil and Gas Authority awarded UOG a 95% interest in the UKCS Licence P2366 in the Central North Sea which includes blocks 15/18d and 15/19b
It was a busy summer's week for the oil and gas sector, after a couple of weeks of lighter newsflow.
Jamaica’s first 3D seismic programme covered 2,250 square kilometres of the massive 32,065 square kilometer Walton Morant licence.
Things were touch and go a couple of years ago, but Tullow is now firmly back on the right track”
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A look at some of the biggest risers and fallers in London on Wednesday
As it announced improved production, revenue, cash flow and profits the oiler also updated on its new field projects and the pending resumption of high impact, frontier exploration drilling
The UK blue-chip index closed around 50 points lower at 7,658, while FTSE 250 was also down - over 99 points at 20,753
Investments and investor services
Among Wednesday's names are ITV, GlaxoSmithKline, Indivior, and Tullow Oil
The dispute centred around a rig contract which was broken in late 2016
Barclays now increases its sector view to ‘positive’ from ‘neutral’, meanwhile, analyst James Hosie highlighted the upside for EnQuest and Tullow Oil
Jefferies prefers Kosmos, with a ‘buy’ rating, whilst it sees Tullow as ‘hold’
“Tullow is disappointed with the decision and maintains the view that it was right to terminate the West Leo contract for force majeure,” the company said in a stock market statement
Tullow's 2018 full-year working interest oil production forecast range has been upgraded to 86,000-92,000 barrels of oil per day (bopd). Overall Group production guidance for the full year is 89,000-95,000 boepd
FTSE 250 closed also lower - just shy of 160 points lower at 20,684, while FTSE small cap market shed around 25 points
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The oil sector dominates the corporate news agenda on Thursday but it is also difficult to get away from matters pertaining to the World Cup
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Aside from Whitbread, updates are also due in the week ahead from cruises operator Carnival, packaging firm Bunzl, struggling floorings retailer Carpetright, and pubs operator Greene King
The oil and gas producer said Exxon had encountered around 78 meters of high-quality oil-bearing sandstone reservoir at its Stabroek Block, adjacent to Eco’s Orinduik Block
There are several ways to play the oil and gas sector, but, they all carry different levels of risk
Improving investor sentiment across the sector is good news for pure-play exploration and production stocks.
It was another busy week for the oil sector and its constituents.
Goldman is targeting stocks with the promise of cash flow growth and operational upside
Equities should benefit from higher commodity prices and rising corporate activity, Morgan Stanley said.
The 3D seismic programme included the 200mln barrel Colibri target as well as multiple others like it.
President Donald Trump decided to abandon a key Iran nuclear deal, sending oil prices higher
Analysts said the surge in Brent prices and the expectation of stronger cash flows had lifted the shares to its price target, however the only potential upside following this was adding new reserves to the stockpile
The oiler's production averaged 87,700 bopd in the first quarter, which is in the range of full year guidance
Resource stocks suffer as US dollar makes headway on forex markets
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Day ahead includes first-quarter updates from blue chip firms Lloyds Banking Group, GlaxoSmithKline, Whitbread, and Persimmon ...
Barclays Capital sees further upside for oil and gas firms so long as crude continues at US$65 to US$70 per barrel
It was another busy week for the small cap oil and gas sector.
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A glance at some of the day's highlights from the Proactive Investors newswire
Investments and investor services
A look at some of the biggest risers and fallers in London on Wednesday
"We are very pleased with progress to date on our Jamaica licence and we look forward to seeing the initial results,” said chief executive Brian Larkin
The blue-chip benchmark closed up around three points at 7,034, with the big cap miners lagging
Sue Corrigan is a geologist and geoscientist with 40 years' industry experience in both exploration and development geology
Proactive takes a look at the news from the small-cap oil and gas sector
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A glance at some of the day's highlights from the Proactive Investors newswire
A look at some of today's top risers and fallers in London
French giant Total has an option to take a 25% working interest in Orinduik from Eco. Block might contain more than 1bn barrels
Investments and investor services
The premier UK share index closed up around 24 points at 7,281.
UBS has a ‘neutral’ rating for Tullow with a 190p price target.
Crude price movements are expected to provide the main steer for Tullow's share price
This week the oil and gas sector brought news of new exploration plans, project updates and financial results.
Earlier today Tullow boasted of its “excellent progress” in 2017.
The UK blue chip index closed up 138 at 7,279 - above the day’s peak of 7,255.
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Rio Tinto is expected to carry on returning piles of cash to shareholders but some people think a dividend cut at Glaxo is on the cards
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After November's hike, another UK rate rise is unlikely this month, although some Bank of England MPC members may vote for a rise after a unanimous vote in December
“While wildcat exploration is inherently high-risk, we see an attractive risk/reward in Eco,” the analyst said in a note
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A glance at some of the day's highlights from the Proactive Investors newswire
Investments and investor services
A look at some of the top risers and fallers in London today.
The exploration partners are advancing the acreage which is positioned in the vicinity of ExxonMobil's major discoveries, now seen in excess of 3bn recoverable barrels
"Tullow delivered strong operational and financial performance in 2017 against the backdrop of continued industry volatility,” said Paul McDade, Tullow chief executive
Investments and investor services
The UK blue chip index rose to a new record high on Wednesday
Deutsche Bank expects Sainsbury’s will report a 0.4% gain in LFL sales from the year before, having revised this forecast down from its previous prediction of a 1.3% increase
Jefferies’ ‘hold’ rating for Tullow now comes with a new price target of 180p, up from 175p.
Investments and investor services
The FTSE 100 index closed down 18.87 points at 7,525 on a day of light volumes
A number of retail investor favourites had news this past week.
“At these higher oil prices, we’ll be able to deleverage very quickly,” Angus McCoss said.
Rio Tinto is targeting US$1.5bn of annual additional free cash flow from 2021
Investments and investor services
Some of the biggest risers and fallers in London on Wednesday
"The refinancing of our RBL credit facility was a key objective for 2017 and we are very pleased to have completed this process in line with stated guidance and ahead of our year-end target”
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A look at the week's oil and gas news highlights....
Deutsche repeated a ‘buy’ recommendation and set a new price target of 225p, up from 210p previously
Tullow upgraded its production guidance for 2017 to 85,000 to 89,000 barrels per day
Tullow has lifted its forecast for 2017 to a rate of 85,000 to 89,000 barrels per day
Investments and investor services
Defensive stocks like BAT and Imperial Brands are in demand suggesting the markets are exercising a bit of caution after the recent record-breaking run ...
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The day ahead includes interims from M&S and trading updates from Wetherspoon and Persimmon
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Blue-chip results, acquisitions, and new drill plans were among the week's highlight narratives.
Both Eco and Tullow see Osprey as "a highly justifiable lead” and the AIM-quoted operator is to file for an environmental certificate for drilling
Well results, funding deals and the start of new campaigns were the source of much of this week's oil and gas highlights.
"The Araku-1 well was an ambitious wildcat exploration well that was drilled efficiently and at very low cost,” said Angus McCoss, Tullow exploration director
"I am very pleased to have signed the licences for these blocks and look forward to exploring again in Côte d'Ivoire,” said Paul McDade, Tullow chief executive.
The Araku well could open up a new frontier and follow on exploration for Tullow in the Guyana basin.
Not much happening among the blue-chips but Image Scan and Future were among the big movers in the small caps sector
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Hurricane Energy, Gulf Keystone and Highlands Natural Resources were among the week's oil and gas sector.
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A glance at some of the day's highlights from the Proactive Investors newswire
A new price target of 260p sees some 33% upside to Tullow's current price of 195p.
The option deal, if exercised, would deliver enough cash to cover Eco’s well costs for up to two exploration wells and the costs already committed to recently completed seismic
Tullow said it will now work with the Ghanaian authorities to secure the necessary permits to restart development drilling
FTSE 100 closed 9.35 lower at 7,301 and the FTSE 250 added over 49 points at 19,566
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A glance at some of the day's highlights from the Proactive Investors newswire
Eco (Atlantic) said the 3D Survey was conducted by Schlumberger Guyana Inc. (Western Geco) and has been completed successfully and on schedule
The US broker cut its stance for Tullow to 'hold' from 'buy' and reduced its target price to 155p, from 250p previously, pointing out that a refinancing in 2017 “remains a risk”
At 3.15pm, the UK benchmark index was down 64 points at 7,325, above the session low of 7,296.49 but still set for its worst week in nine months having dropped nearly 250 points in the last three sessions of the week
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What might be the motivation for Kosmos to list in London?
