drop today suggests some bad news in the background - any updates from brokers on back of results y'day seem more positive than negative... maybe having trouble recruiting new CEO to replace the soon-departing JMcD?
The only problem is once oil goes above $50 the US producers will come back in so what price for TLW corresponds to $50? That is the value at which the TLW sp is likely to settle in the near term and possibly beyond 
TLW is obviously totally correlated to the price of oil based on recent evidence but don't despair - "Goldman, like most analysts, sees a dip in output from U.S. shale producers as the key to higher oil prices. A ramp up in shale oil output over the past year has reduced U.S. imports and offset production cuts by OPEC producers and Russia to leave oil prices wallowing near their lowest point since November.The dip in oil prices has been accompanied by falls in oil stocks that has created opportunities to buy in some of Europe's strongest names, claims Goldman."We ... see the sell off as an attractive buying opportunity in our favored stocks, including Total and Lundin, whilst we have also started to see investor interest in higher beta stocks that have sold off such as Tullow," wrote the bank."
As far as I know you need to be on the share register on the day they go ex-rights. So if you are a holder and you sell today you will still be entitled to the rights but if you only buy TLW today you won't because you won't be on the share register until T+2 or 2 days time. If you hold TLW shares your broker should send you info in the next few days on how to take up the rights. You usually have 3 options: Do nothing; Take up some of the rights; Take up all of the rights. If you take the 2nd or 3rd option, you then pay your broker for the amount of the rights shares you want to take up at the rights price of 130 p per share in this case. Once the take up is allotted they announce a date the rights shares and ordinary shares are all amalgamated into a new float of outstanding shares. Until then you will see 2 classes of shares for TLW in your account - ord.s and rights shares.
Tullow Oil said to be close to selling North Sea pipeline to Independent Oil and Gas say sources
RNS yesterday indicate Parvus Asset Management Europe Limited's stake in WMH has now gone above 17%...quite a big chunk. Active investor may be about to get more active...is it worth riding their coat-tails? What d'yall think?
From DAVY (with the caveat that they are a broker to TLW): Our updated valuation for Tullow Oil is 255p per share (previously 337p). This adjusts for an underwritten $750m rights issue, the Uganda farm-down and guidance provided at the time of the FY2016 results. Management argues that the rights issue should give the group room to grow. We believe Tullow will need to demonstrate good capital allocation over the next cycle for the share price to outperform. The funds from the rights issue provide an opportunity to achieve this.
There is a strong chance the cuts are a ruse by the arabs to suck the shalers back into the game. Once they are all back up and running OPEC will flood the market again driving prices down and putting the shalers back out of business. Then cut again/flood again and repeat for a few cycles until shalers' banks will no longer deal and shalers are permanently bust. Conclusion: sinusoidal oil price cycles coming up over the next 3 - 4 yrs. Could TLW be caught out? Possibly, if refinancing/production targets/unforeseen issues coalesce at the bottom of the price cycle but if they can get the refi done, production stabilizes and no unknown, unknowns in between times then I’d suggest TLW look good for the long game player.
Tullow announced this morning that it has extended its Corporate (credit) Facility by an additional year. Strong appetite among lenders to participate in the Corporate Facility extension bodes well for this year’s refinancing of the larger Reserve Based Lending (RBL) facility, according to Davy.