Member Info for Adieuk32

ODEY have a stake in the Bonds, their covering exposure.

GL All

Since publication of Tullow's half year results for the six months ended 30 June 2020, the Company has agreed an amendment with the lenders under the RBL Facility in respect the gearing covenant as at 31 December 2020. As a result, there was no breach of the covenants under the RBL Facility in December 2020. Furthermore, Tullow announced in its Trading Statement and Operational Update issued on 27 January 2021 (the " Trading Statement ") that it has agreed with the lenders under the RBL Facility to an extension of the January 2021 redetermination date by up to one month, with the result that the redetermination is expected to complete by the end of February 2021

Conference call at 9am, now I wonder what else there is to talk about.

Why has the RNS dropped during trading hours.

Thanks Rahul, 30 mins to top up, before the step up tomorrow.

GL ALL

Caught a few out here, RBL Next, more sales ahead.

GL ALL

$200Million FCF based on $50
Additional $15 at 65,000 per day (Conservative 2021 Average of $65) = $355Million, less taxes, royalties of $50+Million etc circa $500 FCF.

Production will increase Q4, due to Ghana drilling campaign starting Q2.

2022 Production Forecast back over 75,000+

Rahul increased Delonex Energy daily production to 200,000 BOPD, he’s going to do the same here.

Why is there so much interest from the Shorters SLIFT, getting desperate with every post.

Big money returning to oil shares, $60 is a key pivotal point.

GL all LTH

What a rise from November’s CMD oil price assumption of $45, that’s another $3 Billion to add to the 10 year forecast.

I wonder if the Dividend will be re-instated for later this year with $500 million FCF.

Looks like the Investment Funds are returning to oil Shares, let’s hope we get that big investor, that was mentioned at the CMD?

GL ALL

Shorts closing, 30p Very Soon.

GL All

https://www.boerse-frankfurt.de/bond/usg91235ab05-tullow-oil-plc-6-25-14-22

GL ALL

IR Email Response.01 Feb 2021 23:02
Dear xxxxxx

I’ve included answers to your questions in red below. I hope that is helpful.

Kind regards

Matthew

=================================================

It’s good to hear from you at Tullow.

Question:
Can I ask which party, wants the redemption extending, would it be due to the recovery of the oil price since the CMD, or are the Bond holders, playing silly games?

Answer:
When you say “redemption” if you are referring to the RBL redetermination is primarily driven by purely needing more time to complete. As laid out at the Capital Markets Day, the strategy has changed significantly and we are helping our RBL lenders understand our business plan in detail. It’s sensible to provide sufficient time for that.

Question:
Kenya’s FID is due at the end of the year, with a commitment to progress, which means CAPEX, if were ticking over for most of the year, then are the talks about further funding?

Answer:
You will note in the Capital Markets day that only 3% of our 10 year capex spend of $2.7bn is forecast to be outside of our producing assets. We are reassessing the development plan in Kenya and will likely look to farm down our stake this year prior to any decision on FID.

Question:
Rahul commented some time ago, that we wouldn’t do a fire sale of assets, but surely a reduction in debt, is better at a certain price, rather than be held by the bond holders, with a D4E/Rights issue?

Answer:
We have no plans to raise equity.
Yes, further asset sales will be considered provided they are value accretive and strengthen the balance sheet.

Question:
The core assets are in Ghana, and quiet rightly, need to focus all the CAPEX on increasing the BOPD potential for 2022.

Answer:
Correct and in 2021 c.$140m of our capex will be spent in Ghana. The exploration spend this year includes the GVN-1 well and is mostly licence commitments.

Question:
I believe the company is in great hands, and see some significant returns in the future.

Answer:

Yes, we think that the plans we have laid out delivers material value and cash flow over the next 10 years.

I will be sleeping well tonight, knowing that my investment is in safe hands.

I wouldn’t want to be shorting Tullow.

GL ALL

https://www.google.co.uk/amp/s/www.stabroeknews.com/2021/02/05/business/tullow-oil-back-in-guyana-suriname-basin/amp/

Should be a leg up to $60 very soon

Very tight Range, MM,s Desperate for shares!!

RBL News perhaps, now that the Drill Rig Contract is in place.

GL ALL

I wonder who else copies and pastes quotes??

I prefer custard cremes. with my cuppa, Jammy Dodgers are more for the kids.

Back to Your PS4 little man.

Great news, 4 years of drilling our prize assets, should materially increase production from H2.

Not bad for a company struggling to raise finance ;)

Oil $59, should see 30p+ today.

GL ALL

A great knowledge of information you are pal.

Picking on people’s mistakes, I think you need to look a bit closer to home.

Shorting this from 24p right up to today’s SP close of 29p how much have you lost this week :)

Oil is touching distance of $60, at least if we don’t get some of the fundamentals correct, we know which way oil shares are about to head in direction.

GL with your short Slifty boy, you will need all the help.

HOLD & BUY if you have funds available, ignore the Shorter pond life scum, envying on people’s misfortune, what comes around, goes around.

Yes mine are set at 100p, will keep increasing when the SP starts to lift off.

Shorters are running for the hills, every last breath being squeezed out of them, and duly deserved.

GL All

Oil price surges on signs of a tight global crude market

There are pockets of physical-market strength, too. Royal Dutch Shell Plc raided the North Sea market Monday, buying the most benchmark-grade cargoes in a single day in 10 years in the S&P Global Platts pricing window. The oil major also bid for a further seven shipments in a flurry of activity.

https://www.worldoil.com/news/2021/2/1/oil-price-surges-on-signs-of-a-tight-global-crude-market

At this rate, the 10 year plan, will have to be revised up again. $45 to $50 , $55 last weeks Update, $60 touching distance.

Oil prices are up $20 from the last RBL.

Re-Rate on the cards here.
GL All.

Dear xxxxxx

I’ve included answers to your questions in red below. I hope that is helpful.

Kind regards

Matthew

=================================================

It’s good to hear from you at Tullow.

Question:
Can I ask which party, wants the redemption extending, would it be due to the recovery of the oil price since the CMD, or are the Bond holders, playing silly games?

Answer:
When you say “redemption” if you are referring to the RBL redetermination is primarily driven by purely needing more time to complete. As laid out at the Capital Markets Day, the strategy has changed significantly and we are helping our RBL lenders understand our business plan in detail. It’s sensible to provide sufficient time for that.

Question:
Kenya’s FID is due at the end of the year, with a commitment to progress, which means CAPEX, if were ticking over for most of the year, then are the talks about further funding?

Answer:
You will note in the Capital Markets day that only 3% of our 10 year capex spend of $2.7bn is forecast to be outside of our producing assets. We are reassessing the development plan in Kenya and will likely look to farm down our stake this year prior to any decision on FID.

Question:
Rahul commented some time ago, that we wouldn’t do a fire sale of assets, but surely a reduction in debt, is better at a certain price, rather than be held by the bond holders, with a D4E/Rights issue?

Answer:
We have no plans to raise equity.
Yes, further asset sales will be considered provided they are value accretive and strengthen the balance sheet.

Question:
The core assets are in Ghana, and quiet rightly, need to focus all the CAPEX on increasing the BOPD potential for 2022.

Answer:
Correct and in 2021 c.$140m of our capex will be spent in Ghana. The exploration spend this year includes the GVN-1 well and is mostly licence commitments.

Question:
I believe the company is in great hands, and see some significant returns in the future.

Answer:

Yes, we think that the plans we have laid out delivers material value and cash flow over the next 10 years.

I will be sleeping well tonight, knowing that my investment is in safe hands.

I wouldn’t want to be shorting Tullow.

Night Night

Wouldn’t want to be short on Oil at the moment.

Hedge funds will Be going long on Oil Stocks, now that demand is soon to be above pre-Covid levels.

The perfect storm for sure is on the way.

GL ALL

Email response from IR.

No plans to raise equity.
RBL - Purely just ran out of time, It will complete in February-2021.
Kenya farm-down this year.
Further asset sales are being considered, but only if it strengthens the B/Sheet.

HOLD/BUY Great Investment opportunity at 26p

ALL IMHO & DYOR

GL ALL