Member Info for EAS10

As much as I'd like to see it happening, ithe doesn't look like Barryroe fits the bill on a number of fronts. See comment below from CEO. There are plenty of opportunities in West Africa where they intend to concentrate on.

Mr Hickey said Boru would be looking at countries where there were “high-quality long-term assets with good-quality operators”. The plan was to acquire non-operational stakes in these assets, he said. “If you’re a non-operator, you can secure the cashflow and the value from the asset without needing a huge overhead to manage day-to-day activities,” he said.

I agree, I dont think there is a link between APEC and those parties.

I also think Tullow have significant issues in all of the countries they operate in and need to focus on these. They also have licence related commitments in Peru and I think even Namibia in 2020. Maybe with everything running smoothly they might have taken a look but not now.

I think the background of his replacement will tell a lot about future strategy of main shareholders. Tony has his PR firm to fall back on. 20 years. Good while it lasted for him.

I can see it is in the interest of any potential investor to stretch negotiations as near end of February and beyond if they can. However, for the large investors like M&G, Goldman, they are not going to throw good money after bad. A credible investment case would have had to have been put to the CIO, risk, investment committee etc at the last raise. I just can't see another one happening.

If they do another raise, I'm definitely going to go along to that meeting! That will be farcical stuff. But I have no doubt TOR would present it in a positive light.

They'll hardly be able to justify another raise unless they have a definite end goal and just require additional time?

Total and Tullow already have a working relationship and so Tullow will obviously have to seriously consider any requests they make as regards future campaigns.

I think Total have only a passing interest at best! Small change as you say!

Same for Qatari. I'm sure they haven't done any due dilegence at all. Someone in the back office probably has to remind them every six months they have a share of it.

Thanks Manyana. 1bln barrels but at a recovery rate of 35% per TOR. I would be lower than your valuation but honestly I struggle to put a value on it.

Manyana

Put an estimate on Extola to sell please? I'm interested to hear your view?

Anyone care to speculate what Exola is worth to buy it outright before end of year?

I actually just switched over at that point Manyana where the crane operator said they are exporting more now than years ago. Its a very good show. I have heard some Australians speculate you may see a shift in atitudes towards climate change even in rural Australian areas in future given the scale of bush fires in the last few years.

I was watching some old presentations given by TOR yesterday. It's speculation but I don't think we are going to get another where a buy in partner will front all the costs and recoup through future income.

Also, if we don't conclude something by February, if they choose to muddle on, any prospective partners are going to want to wait and see who gets into government in what's almost certain to be a 2020 general election. This delays things further.

Thanks James! Hopefully it's successful

IJWT

Just to clarify, what are you saying the COS was for Joe/Jethro?

Can't disagree with you on anything Tony! I recognise your name as a long term Tullow poster. Hope it's going OK for you!

I think Carapa and Guyana are the key to raising the price. I think the production miss is not as important fundamentally. Shorts and market may take a different view however.

It's easy with hindsight but I still can't understand why they never made more of an effort to reduce debt. This has always been the stick to beat Tullow when things go wrong. Perhaps they saw it as a poison pill to ward off a takeover. It should have been addressed before talk of a ludicrous dividend was entertained. Something that serves no real benefit to private or institutional investors.

The share structure after the last dilution should also have been addressed. 1.4 billion shares is too many and provides incredible liquidity and cover for vast shorting. Tullow has been used as an oil proxy for a long time now.

Tullow have always sought to be one of the big boys, paying through the nose for Ghana to get them their magical >100k bopd at all costs when they could have sold up for a fortune themselves. You want a dividend even though we are mirred in debt, no problem! The poor handling of relations with Uganda, slow progress with Kenya and now Guyana and it provides plenty of bad news to drive the price down.

I'm not invested at present, in Eco for my sins but I would urge investors to hold their nerve. This is a golden opportunity for shorters to drive the price down and they have taken it with gusto. This stock was in a much more precarious position pre Ghana, boundary issue, turret etc and the price was better. This stock for me with current miss is worth 1.70 at an absolute minimum excluding Guyana assets entirely. Jubilee is a solid producer and will be put back on track. They will be forced to sell Uganda quicker now and you still have really strong potential in Guyana to add to Kenya. It may be that if Carapa misses, we see an opportunistic takeover offer but either way this will recover in short rather than long term. I have no doubt about that and have seen it many times! GLA.

Speculation but maybe it's just small fry to them given they are a major, maybe they don't think it economical and would rather divert capital and staff resources to bigger and more definite prospects. Coming up to year end is an opportune time to do it and book any losses to offset gains for 2019 financial year.

It was some foresight! Well done indeed.

I'm sure talking it up the day before it crashes due to heavy oil has some long term strategy. Us mere mortals just can't see it yet. When the time is right, Gill will reveal all!

: ) new day! You are avoiding my question. Just tell me what number of shares you think is "huge"?

Simple question!

Fair enough let me rephrase that, CFO bought 20,000 (twenty thousand) shares.

Define "huge" as a number in your post above?

New day. If you are hanging your hat on what shares Gill bought, you have short memory! If it's that nailed on to be such a massive success, why are they not buying more? CFO bought 10k worth of shares.