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TLW down 27% now at new low. Not great for ECO is TLW comes under sustained pressure.
TLW down 20% now.
sold out with big loss because my reading of tlw report is they are now looking elsewhere . eco have done too much talking up.
TLW have a multitude of other issues, as reported today.
Time for the old farts at TLW to stand down
0.51% isn't particularly sour - the RNS references Gulf of Mexico, where Maya crude is 22 API and Sulphur content 3.5%.
It's bad enough to drag TLW down 16% today.
"obv it’s not as sexy as light crude" - They weren't looking for light, as the Stabroek block(Liza) is medium crude, which commands a higher price than light.
API of Liza is 32.1 (medium) and Sulphur content is 0.51%
https://corporate.exxonmobil.com/Crude-oils/Crude-trading/Crude-oil-blends-by-API-gravity-and-by-sulfur-content#aPIGravity
It really isn't that surprising that the oil is heavy. We're very close to Venezuela in which a significant proportion of the oil is heavy or very heavy. Yes, it creates additional issues but well within scope of the oil industry to deal with.
'We are sufficiently capitalized for our LIKEY 2020 drilling programme...' Not definite now then?
I disagree, even if carapa is heavy, but commercial, the will still be looking at production. They are still assessing the results but if the costs for production will be low, why wouldn’t they go ahead with the production?.. obv it’s not as sexy as light crude, but to dismiss three potentially commercial areas, would be stupid.. still so much to play for Exxon’s next well (if successful) would also give our sp a boost.. I still see us trading way above £1 when the new drilling campaign kicks off
Gil, has just lost a huge amount of respect talking *******s on his frequent webcasts and buying shares at a high price covering up an API that they are terrified to report
If Carapa fails, or is also heavy oil, i would not be surprised if TLW just mothball the area. Heavy oil, high sulphur - offshore - not worth the effort for TLW, they have much better projects to put their cash into with better returns.
Not ideal for the sp short term but will provide an even better entry point... still looks commercial, they’ve unlocked two plays, and tlw are always extremely conservative in their approach so wouldn’t pay too much attention to that.. cpr numbers will be interesting and hopefully a drilling campaign that can have at least 3 wells and hopefully start around Q1 2020
TLW in their statement say they are assessing the commerciality of Jethro........which in general speak means it does not look good and they will talk about it for a long time until everyone forgets it, then sweep it under the carpet....... is the likely scenario. Shame, I was considering buying some ECO, not now. Wait for May 2020 now perhaps.
Sneak
back under 100p then
Perhaps they had a s weak preview of this mornings RNS and sold out.
Certainly will explain the background selling thats been going on with the news today- heavy oil and high sulfur content, wont excite people much. TLW quite downbeat on it in their statement.
I recently had weak hands for tax residency purposes.
Very strange sell at these prices! Must need to money...
gil talking tonight isnt he...
Will and should put investors at ease after hes done his business tonight. He hasnt failed to deliver so far
reported after hours from 15:09. Surprised to see such heavy selling at these levels.