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This was posted on Tullow’s Facebook page on Tuesday October 15th
On 7th October 2019 Argentina’s Secretariat of Energy ratified the awarding of Tullow’s three blocks (114, 119 and 122) that Tullow won in the first open bid round in April 2019. The blocks cover 14,909 sqkm and are located in the eastern and southern parts of the Malvinas basin. Tullow’s equity on these blocks is 40%, 40% and 100% respectively. We look forward to working with our Joint Venture partners Pluspetrol and Wintershall on 114 and 119 in a strong partnership.
Oil rises after EIA reveals sharp jump in inventoriesThu 20:29
The price of crude oil increased on Thursday following the report from the Energy Information Agency (EIA) which revealed a larger-than-expected increase of the commodity in stock. According to the EIA, crude inventories in the US rose by 9.3 million barrels last week, reaching a total of 434.9 million. Traders' hopes seemed to have been somewhat raised by the latest rapprochement in trade relations between the US and China who are working out a final version of the phase one trade deal.
Prices were likely to be underpinned by comments from OPEC's Secretary-General Mohammad Barkindo who days ago signaled that the cartel and allied producers might be ready to trim the output.
West Texas Intermediate for settlement in November advanced 0.98% at 2:16 pm ET, to go for $53.50 a barrel, while international benchmark Brent for December settlement gained 0.88%, changing hands for $59.58, at the same time.
On Friday the buy v sell on the days volume was nasty to the negative, but today’s is nasty to the positive!
£10m buy versus £5m sells
As I’ve said I’m not really reporting a pure picture as I didn’t post Friday’s nor will I be reporting any negative comparison in the future but £10m buy against £5m sells is just too tempting to pass.
As in mentioned in previous posts the oil and gas sector is undervalued by approximately 20%, I think the same goes for Tullow and believe a 20% rise on today’s closing price is easily achievable and also within the shares current trading range.
That is in my honest opinion likely to happen on November 13th when their next trading update is due.
Thanks Razor It all sounds positive and with luck we will get a company trading update in the near future. Given the troubles in the middle east and China/US relations this might be a good option to hold and see if the sp rises :) Ricky
Investec Securities upgraded Tullow Oil from “hold” to “buy” with a 250p target price as part of an exploration sector review. Its note preceded both a positive drill update from Tullow’s offshore Guyana prospect and an attack on Saudi Arabian infrastructure that sent oil prices higher by up to 20 per cent.
Tullow’s discovery in Guyana “has shown that transformational discoveries can still be made and valuations remain attractive with the sector generally still trading at an average circa 20 per cent discount to risked exploration net asset value”, said Investec.
“After a hiatus in exploration activity, Tullow’s Guyana success could now turn the market’s attention back to exploration. Currently, exploration has all but been removed from valuations, however Tullow’s success in Guyana can hopefully again demonstrate there is still value in searching for new barrels?.?.?.?The company’s east African assets have struggled to progress over the past decade and success in Guyana has now opened up a variety of options for the company. With its high working interest (60 per cent), we expect the company to monetise all or part of its stake which would fix the balance sheet issue that still lingers in the background.”
I doubt it Ricky as I suggested when I posted the link on Sunday. I have seen updates that were forecast in the media and not mentioned by companies happen before but since no release happened at 7am I doubt very much if there’s an RNS throughout the trading day.
I just read this article on Uganda v Total, Tullow, and Cnooc.
The article has nothing new in it but it begs the question what took these three majors anywhere near the place. They must have believed that because of the size of the three companies together they would have had more clout..
“The non-operated Carapa-1 well on the Kanuku licence (Tullow 37.5%) is scheduled to commence drilling in late September with the Rowan EXL II jack-up rig and will test the Cretaceous oil play with a result due in the fourth quarter of 2019.”
The extortionate duty on fuel makes me so angry. A concerned citizen. Will be supporting any political group which is in favour of cutting taxes on oil companies and cutting fuel duty down to 10p per litre instead of the current level of 77p per litre.
Oil jumps 1% after OPEC report, Barkindo remarks10 Oct '19
Crude prices traded over 1% higher after the Organization of Petroleum Exporting Countries (OPEC) said in its monthly report that the cartel's production dropped in September as a result of attacks on Saudi facilities and noted its oil demand for 2019 was revised slightly upwards to 30.7 million barrels per day. Furthermore, OPEC Secretary-General Mohammad Barkindo hinted the organization could agree on further output cuts in December and urged the United States to join the OPEC+ deal.
International benchmark Brent for settlements in December jumped 1.03% to sell for $58.95 per barrel at 9:18 am ET and West Texas Intermediate (WTI) for November delivery rallied 1.14% to go for $53.22 per barrel at the same time.
Hello Max... This is not an exact Science but if Uganda got resolved tomorrow the share price would jump. Today’s volume was 747,000 sold and 2,388,000 bought that £2 million sell versus £5 million purchase. Nice to see the purchase v sell ratio well tipped to the plus.
As far as the Barclays comment is concerned I’d only take it as something positive which is always nice to hear when the market is being cruel.
Something positive will happen soon if not I believe the share price will rise in the run up to the market update on November 13th