Updates

Tullow Oil

March 2017

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 West African oil production in 2016 was in line with recent guidance averaging 65,500 bopd, including 4,600 bopd of payments under its business interruption insurance policy for the Jubilee Field.Within Europe, gas production averaged 6,200 bopd. For 2017 the forecast is for growth to 78-85,000 bopd in West Africa with Europe stable at 6-7,000 bopd. Importantly, it’s also sold forward well, achieving averaged realized prices of US$61 / barrel in FY’16 while it’s hedged the equivalent of more than 80% of production for 2017 at over US$60 / barrel. Year end net debt was US$4.8bn, leaving US$1bn headroom.Earlier in the month, it disclosed an important deal to “farm down” or ...

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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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