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We are very fortunate that Tullow's oil production is off the coast of Ghana, rather than in the Middle East. Hence there's no need for us to have concerns about TLW's oil being on tankers trying to get through the Strait of Hormuz. Therefore TLW's SP increase is not just due to the ongoing oil price rise, so there's more to come...!

Tullow Oil receives Investment Bank Analyst Rating Update

Pro News - Published 04/02/2026, 06:13 Updated 04/02/2026, 06:21

'Morning All, this Investing.com headline sounds encouraging. I haven't got access to the article as I don't pay an Investment Bank subscription. If anyone has access to the full article, it would be good if you would share the main points. Many thanks.

Oil price at present is $69.7, which is helping GENL's sp.

Current oil price can be tracked via:

Https://www.livecharts.co.uk/MarketCharts/brent.php

GLA

Malcy has included positive comments regarding Genel in his Blog today. His final comments being as shown here (below) - he is also predicting share price increase to £1:

'...Genel has come out of the pipeline situation very well, it has optionality going forward and is clearly very cheap indeed, the CEO rightly says that the company can deliver ‘significant value’ to shareholders with an undervalued portfolio of assets and a hugely robust balance sheet.

I have no doubt that the company will stay in the upcoming Bucket List, the shares are way undervalued and I have no compunction in increasing my Target Price to 100p, itself not a demanding number given all the positives in the outlook on any timescale.'

'...I like this deal and the word is that the team at Genel are very pleased, into Oman which is a really good spot for Genel and they can really get to work with OQEP whilst ‘establishing a significant and profitable footprint in the country.

I also like the potential value creation and will make a meaningful mark with a decent stake and the chance to add a new country in which to work. And with talk of the pipeline opening it looks like a great start to 2025.'

'A big week ahead as tariffs are due to come in tomorrow and discussions around the re-opening of the Iraq pipeline continue. The Iraqi Minister suggested that 185/- b/d could be exported to start with out of the 450/- b/d capacity, we shall see.'

Fingers crossed...!

China is banning rare mineral exports to the U.S.

China said that it would begin banning the export of several rare minerals to the U.S., an escalation of the tech war between the world’s two biggest powers.

Sales of gallium, germanium, antimony and so-called superhard materials to the U.S. would be halted immediately because they have dual military and civilian uses, China’s Ministry of Commerce said. The export of graphite would also be subject to stricter review.

Genel has fallen today indicating that the market was disappointed and surprised by the arbitrage decision, in my view the fall has been way overdone, my reading was that the company had a very good case but that was probably overlooked by the Tribunal who are reputed for what one might call flaky calls on such important matters.

I look forward to hearing what the board decide after looking at the decision but ironically it comes at a time when Genel are doing things very well in difficult time, remaining solidly funded with costs low and an active M&A team looking at genuine opportunities outside of Kurdistan. The shares look very attractive at this level and in a very strong position whatever the board decide to do.

The second reading of the amendment to the Federal Budget Law, intended to facilitate the resumption of Kurdistan oil exports, is expected to take place on Wednesday, according to the Second Deputy Speaker of the Iraqi Parliament, Shakhawan Abdullah. He emphasized that the suspension of oil exports from the Kurdistan Region has caused significant financial losses to both Iraq’s and the Kurdistan Region’s revenues.

Genel Energy

Genel has notified Nordic Trustee AS that the Company calls $75 million of the outstanding bond amount relating to ISIN NO 0010894330 with a maturity date in October 2025 and a fixed coupon of 9.25% per annum, at a price equal to 101.85% of the nominal amount. The total amount outstanding before the call is $300 million, resulting in $225 million remaining after the call option is exercised. The Company will cancel the bonds that it holds, leaving $66 million outstanding. The call will have settlement date on 30 October 2024 and record date on 28 October 2024.

Another $75m has been called by the company which is a very wise move given the cash in the balance sheet and until something else comes up it is a highly efficient way of deploying resources.

Increasing the dividend to back where it should be would certainly help reverse the current downward trend.

Bring it on!

(Reuters) - West Africa-focused Tullow Oil (LON:TLW) said on Wednesday it was on track to deliver about $600 million free cash flow over the next two years to achieve its stated target of $800 million from 2023 to 2025.

The London-listed oil and gas explorer said the start-up of Jubilee South East offshore Ghana drove production and boosted 2023 cash flow ahead of its expectations, adding that the year-end net debt was reduced by about $250 million to $1.6 billion

The rest of that Reuters' piece makes for interesting reading...

NEW CEO

Lund and BP's board are running a process to select a permanent CEO, and the search includes internal and external candidates, BP said in its statement.

The board is likely to appoint the new CEO in the first quarter, and they could be named to coincide with BP's full year earnings in February, the sources said. BP declined to comment on the timeline of the process.

Interim CEO Murray Auchincloss, the chief financial officer under Looney, has sought to maintain the company's focus on day-to-day operations while publicly, as well as in company town halls, refusing to say whether he wanted the permanent job.

But privately, 53-year-old Auchincloss, whose partner is also a BP employee - a relationship he had previously disclosed - indicated he was interested in the top job, according to two sources close to the company.

Auchincloss did not respond to a request for comment.

His appointment to the permanent job, which RBC Capital Markets analyst Biraj Borkhataria said was likely, would offer a sense of continuity on strategy, investors said.

Auchincloss was key in formulating changes Looney made in February to the firm's energy transition strategy which included slowing down its retreat from oil and gas and reducing spending on renewables in an effort to improve returns.

RBC's Borkhataria said that an external pick for CEO "could add more uncertainty to the overall strategy, while also raising questions on board competence. We see the confirmation (of Auchincloss) as important symbolically to show a steady ship."

ISTANBUL - Turkey has officially informed Iraq that the northern export pipeline is ready to operate, shifting the onus onto Iraq to restore 475,000 barrels per day (bpd) of crude to global markets.

In a letter dated Oct. 2 to Iraq’s state oil marketing company, SOMO, which was seen by Iraq Oil Report, Turkey's state pipeline company BOTAS writes, "We would like to inform you that the part of the ITP [Iraq-Turkey Pipeline] system in Turkish territory will be ready for the transportation, storage and loading of crude oil coming from Iraq on 04.10.2023."

It could well be. Genel's sp has suddenly increased by 3.92% - so let's hope a deal to reopen the pipeline will be announced soon. GLA

The High Cost of Iraq’s Court Victory for Oil Markets

In March, Baghdad won a nine-year arbitration case against Turkey over oil exports from Iraq’s Kurdish region. We’re all still paying the price of its victory. Iraq was awarded a net $1.5 billion in compensation by an international business tribunal, which ruled that Turkey breached a 50-year-old pipeline transit agreement by allowing crude from Kurdistan to be exported without Baghdad’s consent.

Immediately after the ruling, Turkey halted the flow of crude from northern Iraq through a pipeline to the port of Ceyhan on its Mediterranean coast.

No Iraqi oil has been shipped from Ceyhan during the subsequent 109 days, and there’s little sign of flows resuming any time soon.

Iraq’s government in Baghdad quickly reached an agreement with the semi-autonomous Kurdistan region that would see exports restart under the control of federal oil marketing company SOMO.

But Ankara has other ideas.

With no realistic alternative to the Turkish pipeline for significant crude sales, operators in northern Iraq such as DNO ASA, Genel Energy Plc and Gulf Keystone Petroleum Ltd. have had to suspend production, hitting both cash flow and their share prices.

Years ago, the companies would have been able to divert their exports to Iraq’s southern terminal at Basra. But the country’s Strategic Pipeline was damaged during both Gulf wars and the US-led invasion in 2003. It hasn’t operated since.

Already struggling to replace banned Russian crudes, the Mediterranean market has lost about 47 million barrels of similar-quality supply, forcing buyers to look elsewhere.

For its part, Baghdad has lost its share of the revenue from those sales, which are valued at about $3.4 billion based on the most recent prices for Kirkuk crude. That’s more than twice the amount it’s owed by Turkey.

Ankara wants to negotiate a settlement with Iraq before the pipeline is reopened and appears willing to forgo transit revenues until it does.

Meanwhile, everybody is suffering the consequences of Baghdad’s arbitration win.

Hi Opulentia, I wasn't able to keep a track on trades yesterday. Please share the nature of the trade that so caught your imagination. Many thanks.

Well done Mick - that's a great find.

Good find! Especially given the news that Maris is about to be ousted:

‘Crystal Amber requisitions general meeting of Hurricane Energy plc ("Hurricane")

Proposal to remove six directors and appoint two new directors

Crystal Amber Fund, the activist investment fund, announces that it has sent to the board of Hurricane a requisition notice requiring Hurricane to convene a general meeting at which resolutions will be proposed to remove executives Antony Maris and Richard Chaffe, Non-Executive Chairman, Philip Wolfe and, conditional on the appointment of Tony Buckingham and Franco Castelli, Crystal Amber nominees, David Craik, John Wright and Juan Morera, in order for Hurricane to maintain its independence. As regards the removal of Messrs. Craik, Wright and Morera, this is required to ensure that the board of Hurricane maintains its independence and is no reflection on the performance of these Crystal Amber nominees: Crystal Amber thanks them for their contributions. The requisition notice proposes to appoint Tony Buckingham and Franco Castelli to the board as directors. Details relating to Tony Buckingham and Franco Castelli are set out below…’

Much better just to put 'simple' on Filter.