Updates

Tullow Oil

October 2017

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It’s not been a happy time for oil shares with Brent crude pulling back to US$52 / barrel but there wasn’t a lot wrong with Tullow’s interims, which showed revenues soaring 46% to US$788m while gross profit rose 66% to US$303m. While there was a pretax loss of US$300m, that reflected a US$418m impairment charge due to reduced oil price forecasts on the majority of its assets. Net debt reduced by c. US$1bn to US$3.8bn helped by US$750m rights issue proceeds. Borrowing headroom is a healthy US$1.2bn.Tullow’s growth reflected a 41% surge in average production to 82,400 barrels oil per day (bopd), mainly due to the first contribution from the TEN field in Ghana and recovery at the Jubilee field following operati ...

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Polypipe

Hill & Smith

Tullow Oil (December 2019)

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 - 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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