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Kenya’s Oil Export Plan Revived as Firms Look to Sell Stake in Turkana Oil Project.

https://kenyanwallstreet.com/tullow-oil-export-plan-revived-as-firms-look/amp/

https://www.standardmedia.co.ke/financial-standard/article/2001456097/kenya-oil-plan-back-on-track-as-firms-set-to-seal-sale-deal

Another top up of these golden tickets.

Shorters going to get burnt very soon.

GL ALL

https://www.energyvoice.com/oilandgas/africa/ep-africa/444274/africa-oil-hill-nigeria/

Africa Oil and Tullow Oil have been working on a deal to sell down in South Lokichar for some considerable time.

“I think it’s going to be done by the end of this month. If you had asked me in June, I would say by the end of this month. If you asked me in 2019, I would say I think it would be done by the end of the month,” Hill said.

“This thing has dragged on longer than any of us thought it could. But I think we’re pretty close.”

The executive did not name the companies said to be involved. However, Upstream has reported ONGC Videsh and IOC as in talks.

Once the deal has been completed, the companies could drill more exploration wells. Hill predicted this would double the size of the asset from around 500 million barrels to 1 billion.

Haven’t seen that before??

News article says it all.

https://www.lse.co.uk/news/TLW/tullow-oil-h1-gross-profits-surge-as-sales-revenues-grow-7jqrots36n7dwwg.html

There all out in force.

I’m buying more, start of a new beginning here.

Gl all

2 liftings on 1-5 July, timing difference, not effecting the profits.

Gl all

Try $264 Million profit for 6 months
FCF of $200Million
Gearing reduced to 1.9x

That may help

Gl all

RNS out

Good bye to the 50 range.

Gl all

Hi Matthew

Thanks for the update.

Looking at the Capricorn announcement today, I can’t see the merger happening, nor can the shareholders of Capricorn.

I can’t blame the shareholders, as 400+ RNS have gone through the London Stock exchange, not one of any relevance to the merger.

They are losing patience, as well as Tullow shareholders.

I believed that Rahul would change the company around, but has left us disappointed.

Kenya deal needs to be sorted, one way or another, the SP is being manipulated on uncertainty, and for us to be worth below last years high, is a disgrace.

The BOD need to get their act together and deliver on the projects.

Regards

Kenya Supreme Court has rejected Raila Odinga's challenge to the presidential election result meaning that Willian Ruto is confirmed as the winner of the 9 August poll and is the president-elect.

https://www.bbc.co.uk/news/live/world-africa-62768439

Now let’s get this deal over the line.

Gl all

Apologies for the delayed response.

Merger

Following the announcement of the merger on 1 June both companies have been in frequent dialogue with our shareholders to explain the opportunity to create a leading Africa-focused energy company, accelerating the strategy of both companies and creating additional value for both shareholders. Tullow also provided an update with our July Trading Statement and webcast: here

The combination is subject to, amongst others, the receipt of relevant clearances from regulatory authorities in certain jurisdictions. Following receipt, the Scheme Document, Prospectus and Circular are expected to be despatched in the fourth quarter of the year.

Kenya

The JV Partners continue to make good progress with the farm-down to a strategic partner and the approval of the FDP. The project has the potential to be a key driver of the growth, value and diversification for Tullow. We look forward to updating the market when further progress is made and it remains one of our critical actions for 2022, as you might have seen in our 2022 Scorecard (Page 15 of the Annual Report): here

Financial guidance

In July we re-iterated our guidance of $200 million free cash flow assuming an average oil price of $95/bbl. This includes a number of material cash flow drivers year-to-date, including: positive impact from higher oil prices, a $75 million payment from TotalEnergies following Ugandan parliamentary approval of the Uganda FID, a payment of $76 million to HiTec Vision in relation to the purchase of Spring Energy in 2013 and total consideration of $126 million for the pre-emption related to the sale of Occidental Petroleum’s interest in the Jubilee and TEN fields in Ghana to Kosmos Energy.

We look forward to further updating the market on 14 September at our 2022 Half Year Results.

What the hell is going on at Tullow HQ.

No communication, No investor updates, No Directors Buying shares.

6 months of $100 oil, SP at 2021 levels.

Absolute joke, Rahul needs to go, the gravy train needs to pull up at the station.

Patience is running out.

Absolutely feck all happened in between.

Still waiting on a reply to my email to IR, but guess what there on annual leave.

Is 3 months not enough time to draft up the Business plan?

Re-assure investors on Kenya.

Very poor management and communication is disgraceful.

Loosing patience with Rahul and the team now.

More games being played here, FTSE250 Company??

Gl all

I also emailed them back in June, got the same crock of ****e reply as you did.

Even a blind man in a fog can see this is being shafted.

Only have to look at the after hours trades from tonight to see what is going on.

All those trades are going to someone, who wants the price to remain stagnant, but accumalating at the same time.

I’ve been watching for the last few months daily, small AT trades, constantly being executed to hold back the SP, then large trades make nowt difference.

For a FTSE250 Company who are expected to have FCF of $200 Million at year-end, beggars belief. I know some will say well the debt is high, but look at the value of the SP when we had double the debt. 4x higher than this with POO at $50.

We were 60p this time last year, POO was around $70 and production was 20% less.

The brokers have average of 80p, and have been for a while.

We need some heads to start rolling here, and gives us some updates on progress.

We are the operators of the Kenya project, we should be calling the shots here, they need us just as much as we need them.

10 years Kenya FDP has taken to get this far, and still not bloody well signed.

How many brown envelopes do they need to get this past the line??

Rant over, GL All

Something is not adding up here, every other oil producer has performed exceptionally well this year, except for Tullow.

Every update is down beat, the BOD are just not updating us, we have to find out through 3 parties (except when it’s a duster), This is my worst performing share of all, a disgrace to Rahul and the team.

I’ll , if I receive a reply:-

Hi Matthew

I just wanted to touch base on a few issues I have with the way the company is performing on the stock market.

Why was the merger announced in May, with zero communication on this for 3 months now?

To say that this good corporate governance is something else.

Why has the Kenya development been delayed yet again. To say that it was waiting for election results is just another red herring, as the new PM was involved in the project already.

Another disappointment in Guyana, who are these geologists, they don’t appear to be able technically minded with seismic data?

The company’s share performance over the past 12 months is an absolute disgrace, driven by poor worded and constructive updates, which are hindering the recovery.

Why is it that with a $100 Brent price, Tullow are still struggling to stay above water? Every other oil producer has performed exceptionally well this year, apart from Tullow.

Something is just not adding up with how the transparency between the Board and the shareholders, is being played out, we have been held in this range for a reason, disgrace to the Board for allowing this to happen

I am going to see whether the FCA can have a look into this, as something/someone is manipulating the Market, and using the powers that be, to keep the share price at unrealistic valuation.

Changes are required at the top, as the poor performance in valuation has carried on through a substantial recovery in the energy sector, where all others have triumphed.

Every barrel matters every dollar counts, well Rahul, every RNS matters, every update also counts, towards a share price recovery, it’s just not happening with the BOD.

Look forward to hearing from you shortly.

Ruto's position as Kenyatta's deputy meant he played a central role in talks with the oil companies.

Tullow has made it clear that securing new strategic partners is critical for the project to move forward as it wants its stake to be more in line with a company of its size. The company has already held talks to sell part of its 50pc interest to Indian state-run firms ONGC Videsh and IOC.

Ruto's win should guarantee that these negotiations continue as planned.

He should be sworn in 14 days following the first Tuesday, after the elections, which will be 30th August.

Gl all