Updates

Tullow Oil

December 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 shocked investors with the announcement that gross production in Ghana is forecast to be around 151,000 barrels oil per day (down from the previously expected 180,000) and net production for the group should now be c.87,000 bopd from the previous range of 89-93,000. This reflects technical issues constraining water injection and gas handling, albeit these should be rectified “early 2020.”Worse still, Tullow has stated that the two recent discoveries in Ghana, Jethro and Joe (previously forecast to add 173m barrels net to reserves), are now considered to have “heavy crude oil with high sulphur content” (12 degrees API and c.5% sulphur), which suggests these are no longer commercial according to Jef ...

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Marstons

Tullow Oil - Makes fresh discovery (September 2019)

Tullow Oil (August 2019)

Tullow Oil (April 2019)

Tullow Oil (March 2019)

Tullow Oil - Exciting exploration drilling kicking off in Guyana in H2 (February 2019)

Tullow Oil - Announces new dividend program (January 2019)

Tullow Oil (September 2018)

Tullow Oil (October 2017)

Tullow Oil - Rights issue de-risks business (May 2017)

Tullow Oil (March 2017)

Tullow - TEN fields achieve first oil (October 2016)

Tullow Oil - Launches US$300m convertible bond (August 2016)

Tullow Oil (June 2016)

Tullow Oil - Successful discoverer of massive oil fields making come back (April 2016)

Tullow Oil - Offers attractive entry point at low point in the oil cycle (December 2015)

Tullow Oil - Drilling programme has potential to trigger huge upgrades to reserves (April 2010)

Tullow Oil - Huge oil discoveries in Africa driving up shares (October 2009)

Tullow Oil - Bulging portfolio of exciting exploration prospects (September 2007)

Tullow Oil - Reaping benefits from Energy Africa (October 2004)

Tullow Oil - Bold acquisition transforms prospects (September 2004)

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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