George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
You know what ... maybe that is how it will end. Everyone talks of a strategic partner or a buy in, however maybe it'll just be a buyer. 60p would be a nice opening bid ... the major holders will object and counter with 100p. Then, if we can get Shawz onto the negotiating team, with a bit of luck the deal will be done at 90p by 3pm.
My Tullow shares might not give me a lot of value at the moment, however they give me a lot of hope. Hope and dreams .... Lol
Believe it baby...... what's the matter, they make you nervous?
Kenya is worth 120kbopd ...... merely double the current production. Definitely small potatoes...... more like what you'll be eating after the losses on your short.
And another clue....
https://turkana.go.ke/download/turkana-cfsp-2024/
Page 37
Mission
o promote and facilitate a sustainable and vibrant environment for tourism, culture heritage and protection of our diverse natural resources.
Priorities
.....Sustainable exploitation of oil and minerals......
Today's RNS states
"The Company's 2024 Annual General Meeting ("AGM") will be held at the Company's registered address at 9 Chiswick Park, 566 Chiswick High Road, London W4 5XT on Thursday 16 April 2024 at 11:00 am."
Website https://www.tullowoil.com/investors/ states this being on the 16th of May.
One is clearly wrong .... FFS .... can't they even get this right!!!
Always a lot of moaning on here about the share price and the next update is a long way off ....
Annual General Meeting: 16 May 2024
AGM Trading Update: 16 May 2024#
Here's an idea .... instead of us complaining on here, let's all send an email to Tullow IR asking what they are going to do to support the share price in the short term. The more of us who email the better .... only takes a few minutes of your time.
Email: ir@tullowoil.com
Or use the contact us form on their website: https://www.tullowoil.com/contact-us/
Now here's a very, very interesting little nugget .....
https://x.com/KenyaVision2030/status/1770779769346433409?s=20
https://vision2030.go.ke/wp-content/uploads/2023/12/Vision-2030-Draft-Strategic-Plan-15-12-23-5.pdf
"A recent mid-term review of the Strategic Plan for the period 2018/19-2022/23 revealed that the implementation was on track. This outcome has emphasized the need for a comprehensive review of the current strategy and the development of a new five-year VDS Strategic Plan (2023/24-2027/2028). This new strategic plan will enable effective implementation of MTP IV and effectively meet stakeholders' expectations.
1.2.5 Fourth Medium Term Plan (MTP IV) 2023 – 2027 and its Sector Plans
The Fourth MTP will implement the fourth and second-last phase of Kenya Vision 2030 and will set the momentum for transition to the next long term development agenda for the Country. The Fourth MTP will prioritize implementation of economic recovery strategies to re-position the economy on a steady and sustainable growth trajectory. VDS through its overarching mandate will spearhead and coordinate the implementation of Fourth Medium Term Plan (MTP IV) 2023 – 2027 and its Sector Plans."
https://www.treasury.go.ke/wp-content/uploads/2022/11/PRESENTATION-BY-PS-STATE-DEPARTMENT-FOR-ECONOMIC-PLANNING-ON-KEY-HIGHLIGHTS-OF-MTP-IV-DURING-MTEF-BUDGET-LAUNCH..pdf
KEY HIGHLIGHTS OF THE FOURTH MEDIUM TERM PLAN (MTP IV) 2023 – 2027
Slide 16: 2023/24 – 2025/26 DEVELOPMENT PRIORITIES
ECONOMIC PILLAR
6. Oil, Gas and Mineral Resources
Exploration and commercialization of oil and gas resources;
Promote use of LPG gas by low income households;
Development of LPG and Liquefied Natural Gas bulk import and
Geological mapping, mineral exploration and evaluation.
From 2022, however also worth a look from page 141
https://vision2030.go.ke/wp-content/uploads/2022/09/FINAL-EDITED-VISION-2030-FLAGSHIP-PROJECT-PROGRESS-REPORT_170820221-1.pdf
Https://twitter.com/NaiBlogger/status/1770714269694234943?t=EXgFXR9wd3TKm7NVstgLmg&s=19
Reminder...if you don't have Twitter open in Incognito mode.
Yup I'm still banging on about Kenya ..... sorry, won't stop till Rahul sings .....
So EPRA were supposed to make a decision on the revised FDP by the 31st of March and this has been pushed back to 30th of June. So now we we wait and to me these seem the possible scenarios in no particular order:
1) The FDP is approved and the announcement is made on the 30th of June.
2) The FDP is rejected and the announcement is made on the 30th of June.
3) The FDP is approved and a surprise announcement is made before the 30th of June.
4) The FDP is rejected and a surprise announcement is made before the 30th of June.
5) No decision is made on the FDP and the date is extended by another 3 months to 30th September.
The ideal scenario would be a surprise approval before the 30th of June, as no one is expecting this. If the FDP is rejected it raises the compensation question, which would also be an interesting development. However, if it is pushed out again, where does that leave Tullow, as surely Kenya can't just keep extending and extending the date indefinitely? Would nice if Rahul would explain the position in regards to the options, however I guess we're not going to get that level of detail unfortunately.
The day after we rise by nearly 5% Twitter and the news suddenly has a negative article all over the place about Kenya, all based on news more than 2 weeks old ..... if they're having to use Kenya to try keep/drive the share price down it must be desperate times.
https://www.breakingkenyanews.com/2024/03/tullow-oil-writes-off-sh24-billion-in.html
https://nation.africa/kenya/business/tullow-oil-writes-off-sh2-4-billion-in-kenya-project-assets--4560386
https://www.businessdailyafrica.com/bd/economy/tullow-oil-writes-off-sh2-4-billion-in-kenya-project-assets--4560348
https://x.com/SolarSupplierKE/status/1769935641851330627?s=20
https://x.com/BD_Africa/status/1770008722154090806?s=20
https://x.com/KerichErnest/status/1770005785520611415?s=20
https://x.com/BreakingKenya/status/1770004501316911139?s=20
https://x.com/rememberthegoat/status/1770013553493176414?s=20
https://x.com/kinagaubaga_/status/1769986381219008611?s=20
Etc., etc. ..... you get the picture. This is a clear case of short and distort in my opinion and Tullow IR need to step up and sort this out.
From the 2023 results.....
"On 20 December 2023, the Group repurchased $141 million nominal value of Senior Notes due 2025 for $130 million cash consideration through a Modified Dutch Auction. The cash consideration was funded through an equivalent drawdown under the Glencore facility. A gain on early bond redemption of $10 million is recognised as other income in the Income Statement.
The Group's total drawn debt reduced to $2.1 billion, consisting of $493 million nominal value Senior Notes due in March 2025, $1,485 million nominal value Senior Secured Notes due in May 2026 and $130 million outstanding under the Glencore facility."
Every day is a school day ....
I think I now understand why you see some penny stocks rocket and then people get stuck being unable to sell them when they tank after a day or two of rises. I assume on the way up when there is feverish demand the MM's keep providing the stock as it is increasing in price and they are making money off it. However, when it starts to tank they just stick to the minimum requirement, so you can't sell any big volumes over the minimum requirement as no one wants them.
Could of course be I'm misunderstanding all this but seems like a logical explanation to me anyway....
Looks like this is 75,000 shares for Tullow
https://www.fidelity.co.uk/factsheet-data/factsheet/GB0001500809-tullow-oil-plc/key-statistics
A good website
https://www.investopedia.com/terms/m/marketmaker.asp
Well it's all about production at Jubilee ... down from 101kbopd in September to 83.5kbopd in December during last year. So no one believes Tullow will hit 2024 production forecasts and that fear has been used to drop the price despite oil rising. However, Rahul has said the water injection issues are fixed and new wells will be completed by end of Q2 2024 6 months ahead of schedule. Still no figures for 2024 from the Ghana Petroleum Commission yet, however we're now nearly 3 months into the year so there must be significant progress with the last of the Jubilee wells. Can it be production is now over 100kbopd again .... I know analysts track cargos and liftings as they used that info to predict the drop in production from September to December last year, as no production figures were published for September to December 2023 until late January this year. If anyone knows how to find the liftings info or track cargos it would be good if they could share the info.
All that said .... it could be any number of reasons or no reason at all. MM's make there money by driving the price up and then dropping it. So they've fleeced us down from 39p and now it might be the turn of the shorters who think this is going sub 25p to get fleeced on the way back up to 35p.
One thing for sure is people chase money .... this share is so cheap that it doesn't take much to increase it 5% .... few days in a row of 5% rises and it will get chased up .... how high you ask ... well that we'll only know when they drop it again after that.
Just my ramblings ..... GLA
Https://www.kbc.co.ke/ps-petroleum-lauds-gis-technology-capacity-to-harness-natural-resources/
"PS Liban spoke in Mombasa during the official opening of GIS training and remote sensing for Geologists, Geophysicist, Petroleum Engineers, Petroleum Environmental Auditors and Petroleum Auditors and Risk Analyst officers.
He said the system serves as a powerful technological tool in addressing the challenges encountered during the exploration, development, and exploitation of natural resources.
The PS further explained that the training will present a valuable opportunity to technical staff to expand their knowledge in the field which directly aligns with the State Department’s mandate of ensuring oil and gas capacity development."
https://gisgeography.com/gis-in-oil-gas-industry/
"Oil and gas data sets are largely geographically based. For this reason, GIS can provide solutions for constructing pipelines, drilling oil wells, and environmental protection."
Https://x.com/TullowGhanaLtd/status/1768615473778717136?s=20
Wissam Al-Monthiry, #TullowGhana Managing Director, shared insights at the recent Africa Energy Technology Conference, highlighting Africa's crucial role in global #energy security. We’re proud to support sustainable energy solutions and foster collaboration across the continent.
They've already used £130m of the Glencire facility....was in the 2023 results RNS
Borrowings
On 15 May 2023, the Group made a mandatory prepayment of $100 million of the Senior Secured Notes due 2026.
On 20 June 2023, the Group repurchased $167 million nominal value of Senior Notes due 2025 for $100 million cash consideration through an Unmodified Dutch Auction. A gain on early bond redemption of $65 million is recognised as other income in the income statement.
On 13 November 2023, Tullow announced that it had entered into a $400 million five-year notes facility agreement with Glencore Energy UK limited (Glencore). The facility is available for 18 months and proceeds are to be used for liability management of the Senior Notes due 2025.
On 1 December 2023, the Group repurchased $115 million nominal value of Senior Secured Notes due 2026 for $103 million cash consideration through an Unmodified Dutch Auction. A gain on early bond redemption of $11 million is recognised as other income in the income statement.
On 20 December 2023, the Group repurchased $141 million nominal value of Senior Notes due 2025 for $130 million cash consideration through a Modified Dutch Auction. The cash consideration was funded through an equivalent drawdown under the Glencore facility. A gain on early bond redemption of $10 million is recognised as other income in the Income Statement.
The Group's total drawn debt reduced to $2.1 billion, consisting of $493 million nominal value Senior Notes due in March 2025, $1,485 million nominal value Senior Secured Notes due in May 2026 and $130 million outstanding under the Glencore facility.
Management regularly reviews options for optimising the Group's capital structure and may seek to retire or purchase outstanding debt from time to time through cash purchases or exchanges in the open market or otherwise.
They issue more shares ....
https://www.lse.co.uk/rns/TLW/block-listing-application-replacement-rs695r5f6tmski8.html