Secondary Recommendation

Tullow Oil - Reaping benefits from Energy Africa

October 2004

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.

Following last month's article on exploration and production firm, Tullow Oil, we met up with its finance director, Tom Hickey. Our original interest stemmed from its astute acquisitionof South Africa based, Energy Africa, a deal which in one fell swoop increased its daily production from 25,000 barrels of energy (boe) to 54,000, while its base of proven and probable reserves expanded from 70m barrels to 175m. The acquisition raised eyebrows in the City because the price paid only reflected the value of Energy Africa's proven and probable reserves, with all its highly rated exploration potential effectively in for free. With Tullow looking set to exploit this through the start of a busy drilling program, t ...

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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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