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Maybe to fund Kenya end of 2021 and if oil prices low.
Short term there is $575m UG cash ($75m on FID) for the $300m convertible bonds and RBL liquidity.

Nearly half of next year is hedged. That is still significant. Demand will have recovered more than today.

is it quadruple witching day today? Will this bounce next week?

' Its not for widows and orphans.'
..but Dorothy is non exec at the BoE. Maybe Dorothy needs to give her profile a makeover?
https://4.bp.blogspot.com/-GClvt49prOE/Uht4zICmEPI/AAAAAAAAjvk/ZiBBJoBAuIU/s1600/George+Elgar+Hicks+-+Dividend+Day+at+the+Bank+of+England.jpg

Hi B, no offence taken. Appreciate your insight and understand the frustration.

Well, if the company wanted attention it surely got it today and will attract interest and create business development opportunities if Sterling is listening.

Hi Broomfielder
The auditors did not find any issues with valuation or any concern and said in the audit report
'Key Observations
Our work did not indicate that management’s assessment of the valuations was not appropriate In this area our procedures included:
• Verifying the existence of the assets, their storage and condition;
• Reviewing the valuation report prepared by an independent expert, confirming the expert’s independence, assessing the conclusions reached and the underlying assumptions used and the competency and qualifications of the expert;
• Reviewing evidence, including independent valuations, that the value of the assets is recoverable through sale; and
• Reviewing insurance documentation and storage/maintenance documentation to assess the risk of further impairment.

Roll up, roll up...we will take your money. The stock is worth less because you bought it. And it will be worth less on Monday if you want to buy some more

Dont really see an issue with debt. Can service it and can manage it whilst paying the rebased div. What the SP should be, no idea but everyone wants the yield imo

Intetesting if Marshall Wace short reduction pushed the price up and they are just selling again. Have to wait for the tracketr to update.

I switched 40% into BP this morning as it doesnt drop as fast .

CEO option to buy 51p in 2025 also swayed me.

Hi Cesna, regarding the impairment.
How come the trading update is $1.4bn to $1.7Bn on $5/bbl decrease? While 2019 Statutory Accounts is $1.1Bn on $15/bbl decrease?

This could go to zero the way it is being played. 2000p 12 months ago. It will come back some but where is the bottom? they keep revising guidance down? Managers hurting too having bought higher up. Gladstone have made a killing on their short.

'In Tullow we trust.'

-what the lord giveth, amigo taketh away, at least it did for me this afternoon. Well done TLW

Will give it another day or two if it keeps dropping

'Impairments is due to downgrades in assets as a result of market oil value or other means.'
So can we revert to farmdowns, improve the P&L by writing back impairments, improve the net assets, auction and pay down some debt?

'it is making profit on anything over 35 dollars per barrel of oil right?'
You are mixing accounting profit up with free cash flow.
Accounting losses due to impairments for historic spend eg uganda.
Free cash flow breakeven at $35 for current sales and spend.
Aimo

Think they should auction the 2021 debt if possible. Something more than market value but less than coupon will add to the sp. Its a list of small wins that will incease sp rather than one big thing imo, at this stage in the recovery.

sharegnomie, you just missed under 30p on thursday which was followed by a 4.5m buy last night at 31.8p. According to the uganda sale circular, 31 December 2019 net assets adjusted for sale of uganda is 33p. Good luck.

'they know the new CEO takes the helm next week '
Does he just pick up the existing strategy and run with it or does he recalibrate where he thinks he gets bigger wins?

we get a similar deal in kenya. $1bn portfolio management activitt box ticked. Rerate.

'Increase in gross borrowings at 31st May is mentioned in the Shareholders' circular for the sale of Uganda on page 22 and onwards: '
Ah ok. That's a worst case scenario. I remember an investment memorandum for satellite handsets and a whole page on why they might give you brain cancer...Important to cover all the risks, but personally I don't see a worst case scenario. Also Dorothy kitchen sinked everything so if we get any surprises like that at this stage, well goodbye Les (a win for betrayed!).