Updates

Tullow Oil

August 2019

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Tullow has announced that its production is expected to average around 89,000 barrels oil per day (bopd) in the first half. As previously disclosed, production in Ghana was impacted by gas compression constraints on its Jubilee field during February and a delay in completing a production well at the TEN fields. However, production has since increased to 95,000 boepd and is expected to rise towards 100,000 boepd in the second half of 2019 as further wells are brought on stream in Ghana. The full year forecast is unchanged at 90-98,000 boepd.For the full year Tullow expects to report US$450m free cash flow. It’s well hedged with an average floor price of US$56.7 per barrel (covering almost 54,000 barrels) in FY’19 and US$ ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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