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Tullow Oil

March 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.

  • Epic Code:
  • TLW
  • Price:
  • 209p
Tullow’s update on 16 January provided affirmation of our positive view, expressed in last month’s write-up. Full year production in 2018 was 88.2k barrels oil per day, while its first guidance for 2019 is for pleasing growth to between 93k-101k.Full year revenue of c. US$1.8bn, plus an additional US$0.2bn from business interruption insurance (from the damaged turret at Jubilee, Ghana) translated into free cash flow of c. US$410m, while net debt of c. US$3.1bn made for gearing (net debt / EBITDA) of c. 1.9x.It’s still targeting final investment decision for its Uganda and Kenya developments during 2019, with an estimated combined net boost of 60,000 bopd when they come on stream. Meanwhile, Uganda farm-down ...

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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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