RE: Tullow15 Jan 2020 23:04
FYI
From TLW’s conference call earlier today:
“ Les Wood - CFO:
While these impairments are being driven by the fact that I've outlined, it's important that we believe that the quantum announcement there reflects our more prudent approach to the accounting treatment of these assets without reflecting a shift in our view of the underlying quality of these assets. As we have chose not to keep the exposure on leasing Guyana wells on our books, we continue to believe it could be many important areas for us.
Impact of the impairments and impairments will obviously have an impact on our reporting as far as our operating and post tax profits and we will report on these at full year results.”
“ Mark MacFarlane - COO:
our predrilled expectation of light oil at Carapa was validated and that defines further confidence in the petroleum system modeling for the Kanuku block.
Our next steps are to integrate these well results with our seismic geological models and our petroleum systems models to high grade our Cretaceous portfolio across both the Kanuku and Orinduik blocks. After we completed this, we will then be able to define our future drilling campaign in Guyana.“