Member Info for Davstock

Appointing a new CEO is one thing that's been in TLW's power to do anytime they wanted to. It looks to me that Dot has been either hoping for a takeover or waiting until the assets sales?

Looks like SA and Russia are telling the US if you want the oil price to hold they have to cut big as well!

I think SA and Russia are playing a game that they win either way with that number of cuts. If US cut oil price goes up - if US don't cut a lot of the US oil companies go down! Win Win.

The cut, if it comes, will stabilize the oil prices but the game-changer for TLW will be the next couple of RNS updates.
The CEO update should happen over the next week or so. The asset sales hopefully very soon too?

Cheers Megla.

The difference between them and TLW is we don't have any debt payments due until June 2021 plus we have a variety of worldwide assets to sell on if needed.

They had exactly the same amount of debt as TLW ($2.8 billion).
You can't make that up!
Trying to go through their finances to see why they filed for bankruptcy?

They were hoping for a takeover hence no rush for new CEO, then the Corona hit hard 2 weeks ago to put a spanner in that idea!

Totally agree!
When you get in touch with them they have complete disregard for your views and refuse to evolve to the situation going on around them now.
I NOW CAN SEE HOW THEY ALMOST DESTROYED COMPANY LAST YEAR!!!

TLW has shown nothing but disregard for the investor/owners. The silent approach they are taking is bizarre, to say the least.
The newest one is to give Dorothy a 100% pay rise when everyone else is on their knees is beyond belief.

Sammy will have more info on TLW than any other investor so I find it interesting that he has purchased 1% more.
If he fought that it was on the way out he would not waste more money averaging down?

I mentioned on Friday about her pay rise and the more I think about it more I'm amazed about it.
To take a wage rise when you have just paid off 35% of the workforce and the company is on its knees and needs every penny it can get its hands-on.
Dorothy was on the board when all this mess started last year but now thinks she is entitled to a massive pay rise for fixing the mess that she and the sleepwalked into!!!

When Ophir Energy got rid of the CEO and then Alan Booth took over as interim CEO he decided not to take any more than his original fee, plus he bought a load of the stock to boot!

Just read through the Annual Report and have discovered that Dorothy has been given a 100% pay rise for her stint as CEO.
£600,000 Unbelievable!!!

Has upped his stake to 13%

I was thinking that as well!
They will be in the second phase of cost-cutting now.

It looks like they are saying that they are no longer going ahead with the next phase in Ghana.
It was the only play they had to add extra barrels onto the average without having to go looking for it.
I see that as bad news?
Or could it be closing contracts down for takeover?

https://www.globenewswire.com/news-release/2020/03/24/2005415/0/en/Maersk-Drilling-receives-notice-of-contract-termination-for-Maersk-Venturer.html

No info from the Tullow again?

Tullow Oil has yet again become the subject of takeover speculation.

Shares in Tullow have tanked almost 75pc since the crisis began. It has a debt pile of around £2.1bn.

The plunge has seen potential suitors begin to circle again, industry sources say.

Total was linked with a takeover of Tullow recently, but this speculation was dismissed by the French oil titan's chief executive Patrick Pouyanne.

However, some remain convinced the deal makes sense.

Colin Smith, an analyst at Panmure Gordon, said: "In our view, the obvious takeover candidate is Total which overlaps across all of Tullow’s key assets."

The pair work in many of the same regions, and a takeover would allow Total to brush aside a range of tax obstacles that scuppered a $900m deal when it sought to buy Tullow's assets in Uganda.

The companies did not return a request for comment.

Taken from the Telegraph tonight.

Takeover talks reignite!

https://www.telegraph.co.uk/business/2020/03/19/bp-slashed-north-sea-jobs-protect-rigs-virus-tullow-takeover/

It gives concrete info into the asset sales in both action and time frame.
I think this is bigger news than the market has noticed!