Re: $650m bonds issue (strike that quest... It will be a longer time before investors get a dividend. 7% return on the new bond issue is probably less risky than buying the shares. There will probably be another rights issue before the new bonds mature.
$800 m worth of bonds contracted - $150 m more than target. That has to be a massive vote of confidence in TLW - SP has to re-rate from here surely??
Re: added long I dropped 25% at around 187 for a small profit. Little bit of downside risk seems to be creeping in. WTI dropping back a little. Might see 185 then 178 for TLW SP. .
Re: $650m bonds issue (strike that question) it's on iii under news. Couldn't really have been easier to find
Re: $650m bonds issue Do you have a source for the information?
$650m bonds issue Seems Tullow are planning to issue 7 yr bonds to pay debt due in 2 years. Probably the least worst option IMHO. GLA.
Annual Report [link]
Re: added long I doubled up at 180 this morning.
Re: Short positions Yesterday's list of declared shorts showed another reduction, now down to 4.28% with Polar Capital dropping out. They only popped above the declaration threshold on 08/02/2018, I suspect as a result of trading to close their otherwise non-declarable position. No general appetite for short selling though, just the opposite. 4.28% is over 59m shares, so still a long way to go in terms of days to close. In the meantime there will still be effort from the short interests to putting a negative spin on the company and any news, such as this:[link] is little more than a cursory attempt to talk TLW down without mentioning its strengths or rate of debt reduction.Here's another from Kenya:[link] tries (possibly for political reasons) to put a spin on Tullow "relinquishing" its operational role while playing down the fact that another experienced operator is keen to move in. For me that is an encouragement. During a period when exploration has been uninviting TLW has used cheap debt to develop an income stream from production which will provide future cash flow. It is now starting to move away from the operational distractions of production in order to focus again on exploration as the oil market picks up and the shortfall in exploration has its effect on the oil price. In doing so it will keep interests in non-operational production for that cash flow. Exactly the strategy that it announced before the crude crunch bit.Brilliant management and planning that will, imho, provide a lucrative return.
Mystic meg $70 this week me think
added long around 184.5
Common sense Sensible comments on the oil price and the oil market.[link]
Re: guyana report [link] todayEco and Tullow have identified leads on the Orinduik Block with the potential to contain in excess of 1 billion barrels of oil equivalent (boeLeads are updip from the Liza discoveries located on the Stabroek BlockLeads are currently being evaluated and matured to prospect status on recently acquired 3D survey dataGustavson Associates of Colorado contracted to provide independent interpretation services and a CPR under AIM Guidelines and an NI-51-101 report under TSX GuidelinesTotal is now interpreting the first batch of the 3D survey data from the Orinduik Block, completed last year.As per the option agreement with Total E&P Activités Pétrolières (Total announced on 26 September 2017, delivery of the final processed data to Total will trigger a formal review period of up to 120 days within which Total must determine whether to exercise its option to acquire a 25% WI in the Orinduik Block from the Group. A further announcement will be released once the formal review period commences.Exxon recently announced resource estimates in excess of 3.2 billion recoverable oil-equivalent barrels for the Stabroek Block, adjacent to the Orinduik Block and the implementation of engineering and construction work for the fieldFirst oil from the Liza discoveries stated by Exxon to be expected by March 2020, with production forecast to increase to in excess of 340,000 bbls/day by 2022
Jamaica Following from Rigzone todayCGG GeoConsulting and the Petroleum Corporation of Jamaica have announced the discovery of two independent live oil seeps from different parts of the island.The oil seeps were found during fieldwork for a recently completed multi-client study of the petroleum potential of on- and offshore Jamaica. Subsequent detailed geochemical analyses confirmed the oil seeps originate from two separate Cretaceous source rocks, CGG said in a company statement.CGG highlighted that Jamaica and its offshore basins remain relatively underexplored.Oil or gas shows have been seen in ten of the eleven exploration wells drilled to date. The discovery of these seeps indicates the presence of working petroleum systems on the island that are generating and expelling liquid hydrocarbons to the surface, CGG said in a statement on its website.Sophie Zurquiyah, senior executive vice president of geology, geophysics and reservoir at CGG, said the exciting discovery of live oil onshore Jamaica builds a strong case for the island as an attractive region for future oil exploration within the Caribbean
guyana report [link]