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Ruto — who was closely involved in negotiations over the development of Kenya's 120,000 b/d South Lokichar oil project in Turkana — was declared winner by the country's top electoral body on 15 August with 50.5pc of the votes cast, narrowly beating his main rival Odinga with 48.9pc. But in a continuation of Kenya's long history of disputed elections, Odinga has rejected the result, saying the figures announced yesterday are "null and void and must be quashed by a court of law".

https://www.argusmedia.com/en/news/2361492-kenyan-election-dispute-leaves-oil-sector-in-limbo?amp=1

“There is no room for vengeance,” Ruto said, adding, “I am acutely aware that our country is at a stage where we need all hands on deck.”

Looks like he’s a PM who will get the Oil deal over the line.

GL ALL

https://www.businessdailyafrica.com/bd/opinion/columnists/welcome-indian-investors-they-rescue-the-turkana-oil-project-3911758?view=htmlamp

I’ve been waiting patiently for the last 2 years for the 63 - 65p to break, then we will see some movement.

Kenya elections are taking place today, should know who the PM is by end of week, then hopefully in a week or so, deal signed off.

Should see a steady increase into the news.

GL ALL

Let’s hope the incoming PM signs this deal off quite quickly.

Gl all

Some articles are referring to a $2 - $3 billion buy-out, that would clear our bonds, and save $180 million a year in interest.

Gl all

https://nation.africa/kenya/business/india-to-take-charge-of-kenya-s-oil-dream-after-sh356-5bn-tullow-oil-buyout-3901126

Very strange times here at Tullow.

Can anyone remember another oiler, who announced a duster to be 3% up on the same day??

The Markets knew, but confused with the increase today.

All I can imagine is that the markets know that the Kenya deal is a cert, and signed off shortly after the 9th August election results.

GL ALL

Marine traffic says it’s still at the drill site, since 22-05-22

Longer this goes on the more I’m coming to terms with a big find.

GL ALL

Everyday over the 60 Days is costing an increased cost of circa. $600,000 a day.

I know Rahul is tight as a ducks arse, which gives me more of a reason that REPSOL have found a nice pay load of sweet 32 API oil, with an excellent reservoir, full of the black gold.

Strange we haven’t had an update on reason for delay.

GL all

Not a chance at $1.5b, the field is worth $54b (recoverable oil) with a realistic price of around $5-6b for a 100% stake, therefore Tullows 50% share netting $2.5 - $3b, enough to pay off all the debt, and have $500m cash for the Ghana/Guyana development.

Only 7 days for the elections to complete, then the deal will be signed off.

GL ALL

https://oilnow.gy/featured/100m-barrel-jethro-well-could-be-guyanas-first-oil-production-project-outside-stabroek-block/

Potential for a Short Squeeze event on Monday, with those Shorts looking to close.

Have a good weekend all, Monday is going to be the start of the re-rate.

Yes we’ve seen it so many times before, but Tullow have not mentioned who the 2 strategic partners were in discussions with, until Friday.

For this publicity to be now out in the public domain, I’m more confident a deal is done, and it will be signed along with the FID shortly after the elections.

The market had wiped off the Kenya Project, along with the last set of accounts.

The value of this project is in excess of 25p to Tullow, which the SP will now start to factor in.

Opening price on Monday 60p??

Gl all

Strategic partners with very deep pockets.

$2 - $3 Billion farm in cost, for how much of the prize??

I’m going for 60% stake with the $2.5 Billion split between the 3 existing operators.

Wouldn’t surprise me if one of the operators sold up their %.

Could see a nice cash injection, with a free carry for the pipeline costs.

I’m sure an RNS tomorrow will update the market.

Gl all

No worries, I’ve been building my stake since 8p, holding and buying on the dips, the potential I could see, it’s all coming to fruition now.

Tullow have confirmed the strategic partners, I’m guessing we will hear some news on Monday.

Kenya impairment in the last set of accounts was circa. $700+, with a value of just $200 million on the Balance sheet.

This reversal will bolster the balance sheet, making the Capricorn merger, a done deal.

Gl all

Perhaps the stars are now finally aligning, all we need now is the Guyana drill to be a gusher, then we’re all be millionaires.

Lovely jubbley.

Should see some SP movement next week.

Going to be worth the 10 year wait.

GL ALL

https://www.reuters.com/business/energy/tullow-oil-talks-with-indian-groups-over-kenyan-project-2022-07-30/

Kenya’s Cabinet Secretary in the Ministry of Energy Monica Juma in a tweet confirmed the talks.

https://www.moneycontrol.com/news/business/ovl-in-talks-to-acquire-stake-in-tullows-3-5-billion-project-8921681.html/amp

No, I’m saying the back costs for exploration and drilling costs would be re-imbursed by the strategic partners, and for a hefty % farm down, the pipeline costs of $3.4 billion would be carried by the strategic partners.

As Total/Africa oil have a smaller share then only part would be carried.

Anyway, all speculation, but I’m sure we will find out the terms quite soon.

GL ALL

More coverage of the possible deal.

Sources said senior executives from the two Indian entities are in Kenya on an exploratory mission. The mission’s findings will decide whether IndianOil and OVL decide to proceed to formalize a proposal.

https://m.timesofindia.com/business/india-business/ioc-ovl-revive-talks-for-stake-in-tullows-3-5-billion-project/amp_articleshow/93219279.cms