Member Info for antonvb

I agree that Rahul isn't selling it very well. Maybe he is concerned about over estimating anything as everything drags the price down, so imagine if he said we're going to produce 100 barrels of oil next month and we only produced 99. We have a trading/operational update on 15th November and he needs to give some good news ... better yet at Africa Oil next week . Plus we need the Ghana Petroleum Commission to pull their finger out and update the August and September numbers so we can see in black and white what the new numbers are.

https://www.petrocom.gov.gh/production-figures/

Well it is nonsense and I based that on the fact that the guidance for the year is touching the 60's and not low 50's. Yes Q1 was 53k and yet the guidance is still 58 to 60k for the year. Why, because we're now producing 65k and that is the simple fact and what really matters. That's quite some step change and Rahul has done a cracking job. Yet so many on here are negative and critical of Rahul. The guidance for 2024 will reflect what is currently being produced and not what was produced in H1 2023. As will the cash that is now coming in daily. The ship has been turned around, however patience has been lost by some who've held for years. Not the time to be giving up hope. Just my opinion of course and each to their own.

For me there are two very interesting ones below:

1)

Opportunities and Challenges in African M&A

Stuart Cooper, Director of Strategy, Commercial and Business Development, Tullow Oil

If you look at his linked in profile you will see that he is ex Harbour Energy and only started at Tullow in June 2023. He was hired for a reason.

https://uk.linkedin.com/in/stuartcooper1

2)

FIRESIDE CHAT: Key Industry Trends and Outlook in Finance and Energy

Speakers:

- Phuthuma Nhleko, Chairman, Tullow

- Ade Adeola, Managing Director: Energy & Natural Resources, Standard Chartered Bank

Standard Chartered Bank were going to fund the Uganda pipeline before they were forced to withdraw due to green activist investors putting pressure on them and the Chinese having to step in to fund it.

Sentiment is everything and sentiment has changed since pre HY results when we were 39p. People have exited as they got tired of waiting for Kenya and the Ghana gas deal. You can see it on this board ... we have StanleyPro saying we should just give up an oil field worth 10's of billions of dollars, so we don't have to spend a few million on it. Makes no sense at all. As for the" low 50s (kbopd) is simply not good enough!" statement, that is just nonsense. The guidance was narrowed to 58 to 60k and is still within the original range quoted for 2023. Then you need to go back and watch the HY presentation again to remind yourself of the bit where Rahul says Tullow are currently producing 65kbopd at the moment. That is without the 7kbopde for the gas being supplied or the 2 remaining wells planned to come online in Q4 this year.

Tullow are making the jam, it's just not been put in the jar and had the label stuck on it yet. That is coming very soon. I think a lot of people who exited here in the 30's will have some serious regrets later this year/early next year. Not to mention the big shorts.

I disagree. If no one was willing to invest Rahul would of pulled the plug and walked away, as to paraphrase him "Every dollar counts and every barrel matters". Instead he allocated additional funding towards Kenya when the partners walked. Uganda was funded, as will Kenya be funded. If there's money to be mad, there'll always be someone to invest. Tullow has nearly 80% and the Kenya government just over 20%, with the markets having given Kenya zero value. That gives Rahul a lot of wiggle room and whatever he comes away with would be seen as a win given this was written off years ago and has taken forever.

Thanks Bailiff

Nice to see the random negative posters popping in to give us some much deserved encouragement. I'd just like to remind you that no one had any faith in Tullow in 2020 and the 2020 refinancing and look how that turned out. It will play out the same again this time round. And as for "As for Kenya....my oh my! This time next year, no progress or the license will be handed back (sold).". I think you'll find it's Tullow waiting on the Kenyan government and not the other way round. Clearly you've been doing your research between now and the last time you popped in. Enjoy your short position while it's in profit.

I think maybe you're confusing WTI crude which is $88 and Brent crude which is $90 (unless it has dropped $2 very quickly as I don't have the live oil price). I think we need the official production numbers out of Ghana for September before we see some positive movement up again (or another positive RNS of course).

Opportunities and Challenges in African M&A

African M&A has continued to be active and has drawn in new market entrants. However, there have also been challenges with deals taking greatly extended periods to close.

• Opportunities - What’s driving the new entrants into the market (both pull factors attracting investment and push factors from other mature regions)?

• Challenges - What are the challenges facing deals and why are they taking so long to close?

How can this process best be managed?

• Funding - With turbulent stock markets and transition pressure on investment in the hydrocarbon sector, how are deals being funded?

Moderator: Paul Morton, Partner, Herbert Smith Freehills

Speakers

- Tom Freije, Director EMEA, Evercore

- Stuart Cooper, Director of Strategy, Commercial and Business Development, Tullow Oil

- Camillo Atampugre, Director - Resources & Energy, Absa

- Xavier Venereau, Head of Producers & Finance, bp

- Adegbola Adesina, CFO, Aradel Holdings Plc

COUNTRY SPOTLIGHT: Ghana – Heading Towards the Next Growth Cycle

Following its initial growth cycle that started with the commissioning of theJubilee, TEN and SGN

fields by Tullow Oil and Eni last decade, Ghana is determined to take its industry to the next level.

Existing operators are currently involved in significant brownfield expansions to mitigate production decline and monetise gas, thereby enhancing the sustainability of their assets while making more energy available for Ghana’s industries and households. But more is on the table as

new offshore hubs progress towards FID and delayed exploration programmes are put back on the table.

In this session, we invite the government of Ghana and its operators to discuss future drilling campaigns, plans to unlock Ghana’s local and regional gas potential, and the outlook for the country’s upstream sector.

• How is Ghana preparing to position itself as a key supplier of gas to regional and export markets?

• What are the financial requirements for future exploration and development drilling campaigns?

• What has been the success of Ghana’s local content policies thus far? What are the next steps to build capacity?

• What projects is Ghana advancing to further expand its value-chain from upstream to downstream and make a better use of its natural resources?

Moderator: Speaker TBA

Speakers:

- Opoku-Ahweneeh Danquah, CEO, Ghana National Petroleum Corporation

- Egbert Faibille Jnr, Managing Director, Ghana Petroleum Commission

- Wissam Al-Monthiry, Managing Director: Ghana, Tullow

PANEL DISCUSSION

Securing Global Energy Demand with Africa’s Resources

According to various industry estimations, oil will peak around 2040 – possibly reaching 114 million barrels per day – but the international community will continue to require hydrocarbons as we transition into year 2050. This being the case, how can African countries adapt to remain

competitive and position their upstream markets as the supply base of choice?

• What makes Africa a viable global energy supplier and how can it improve its global strategic positioning by 2050?

• To what extent does the carbon profile of African markets weigh into investment decisions?

• What is the future for frontier oil and gas markets given the global drive to low carbon futures?

• How can non-producing nations attract investment into exploration?

• Thinking beyond upstream – how can governments and E&P companies can support the delivery of integrated value chains from oil to refinery/petrochemicals and gas to power/industries?

Moderator: Ross Lubetkin, CEO, Welligence

Speakers:

- Rahul Dhir, Chief Executive Officer, Tullow

- Nina Koch, SVP, Equinor

- Luca Vignati, Upstream Director, Eni

- Adegbite Falade, MD/CEO, Aradel Holdings Plc

FIRESIDE CHAT: Key Industry Trends and Outlook in Finance and Energy

Africa’s strategies to build a high-energy future are as diverse as the continent but all share one common challenge: access to capital. In today’s world, accessing cheap financing requires true ingenuity and competitiveness while balancing local priorities with global scrutiny. In this Q&A,

we bring you the perspectives from Africa’s most influential thought leaders shaping the future of finance and energy.

Interviewer: David Parkinson, Vice President MEA Consulting, Wood Mackenzie

Speakers:

- Phuthuma Nhleko, Chairman, Tullow

- Ade Adeola, Managing Director: Energy & Natural Resources, Standard Chartered Bank

Https://africa-oilweek.com/home

Https://twitter.com/AtudisKenya/status/1708442463487099029?t=_SrqfkuUcakjmuwvSpH91w&s=19

Https://energycouncil.com/

Https://www.olaniwunajayi.net/overview/oil-and-gas/

Https://x.com/OlaniwunAjayiLP/status/1707424899600396515?s=20

OlaniwunAjayiLP

@OlaniwunAjayiLP

Senior executives from BP, Aradel Holdings, Afentra, Tullow Oil, and SLB participated in a panel discussion moderated by Dr. Gabriel A. Onagoruwa, our Partner and Chair of Finance and Project Development.

Special thanks to all our guests who attended this event.

Olaniwun Ajayi LP is one of Nigeria's leading law firms specialized in handling all kinds of complex and sophisticated legal matters.

In fairness to Rahul he has never given a timeframe for Kenya. It was Keith Hill who was giving a firm date for Kenya at every AOI update during last year. Each date came and went with no Kenya agreement. Maybe related, maybe not, however he is no longer CEO of AOI.

The share price in my opinion is way too low, however I think it will correct. It doesn't matter what games the MM's play as things stand right now we're producing 65kbopd and the oil price is over $95. This is why Rahul has said we at an inflection point. Reason being is he can see how much cash is being generated, however anyone looking into Tullow as a company is looking at outdated forecasts and numbers, as these are obviously from before the Jubilee production increases. Still think when September production numbers are released in black and white it could be a turning point. Or perhaps only once the rest of the wells come online in Q3 this year and the 2024 production forecast is officially released.

Nice to see the questions we all want answers to being asked. I think whatever happens we should be at least getting some more information soon.

https://www.standardmedia.co.ke/business/business/article/2001482342/senators-question-operations-of-tullow-oil-company-in-the-country

Nice to see all the rays of sunshine out in force this morning. There's definitely news on Kenya.... no doubt about the fact it is being discussed by the senate in Kenya. I think you're all confusing the words news and decision.

https://www.kenyans.co.ke/news/93332-senate-scrutinizes-ceasing-oil-operations-turkana