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Paying a dividend would be utterly moronic. Have you seen where Tullow's bonds are trading? Buying them back is the thing to do.

I disagree, I think it's 25% tax unless an NR302 has been a completed. If an NR302 has been completed it's 15% tax. Some SIPPs providers have taken the time to jump through hoops so no NR302 is required within a SIPP. AJ Bell are one of those.

This has been known for months. If you didn't realise that, you haven't been doing your research.

None of it is news to anyone who has been paying attention.

Tullow needs to do two things:

Stop hedging.
Repurchase its bonds.

It wasn't just the boasting about their profits. Looney (BP CEO) said a windfall tax wouldn't cause them to reduce investment. Looney is actually a moron.

You're too optimistic. EPL payments have come due. Analyst average looks like $714M.

No. It's because this thing is illiquid as hell, volume was the highest since May and the management refuse to do the obvious thing to benefit shareholders. Looking at fundamentals is a waste of time until that changes. Market cap now just 66% of MP evans.

Having participated in a succesful plot to deramp this share to such depressed levels, I'm now reversing course and buying in big. See you at 60p before too long.

Read the RNS.

Why buy the shares when you can confiscate the profits for free?

This will be a 5 bagger. Possibly a 10 bagger.

I have no fear. My hands are steady. See you in 2025.

Strikes are catching for two reasons:

1. They entrench inflation.
2. You don't want to be the sucker whose pay doesn't increase.

I wouldn't be surprised if they're short the stock and long the bonds.

The running yield is 16%+. Enquest - regarded as pretty risky by most people! - has a 2027 bond with a running yield of 9.4%.

All other things being equal, those yields are higher than they would be if central banks still had interest rates on the floor, but that's not why petrofac's bonds have collapsed.

The market is saying this company is at meaningful risk of serious financial distress. The potential equity upside here is enormous if they can make it through.

No, they were ISSUED at that coupon in October 2021. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/petrofac-completes-upsized-600m-5-year-bond-terms-67353579

Shows just how negatively the markets view petrofac at the moment. If you look back in 3 years' time I think this will be seen as an unbelievably good buying opportunity.

The lack of 2023 guidance didn't help.

I think it's a combination of:

1. Inflation threatening margins if they can't offset with price increases to customers
2. Inflation/cost of living crisis damaging demand for - somewhat discretionary - on the go food.
3. Transport strikes damaging demand

I agree the share price is ridiculous.

I don't own any of these and I doubt I ever will, but it wouldn't surprise me if the shorts close before any suspension of trading. Being stuck short and facing gap risk after some internal issues are resolved doesn't sound like fun. They've got big profits here and I think they'll cash them in.