Commentary14 Nov 2019 06:44
A positive article on Interactive investor here's an extract:
Davy analyst Job Langbroek said the statement would make "disheartening reading for shareholders", particularly as it clouds progress for Tullow in Kenya after the export of East Africa's first cargo of 240,000 barrels of oil from Mombasa.
He added:
"Production issues will be resolved and multiple light oil targets offshore Guyana remain, but for now a catalyst is required to demonstrate the upside in the investment theme."
Despite today's disappointing update, analysts at Stifel remain optimistic about the company's potential with a price target of 221p. They said:
"Tullow remains undervalued with the share price currently discounting little for Guyana, in our view, where it has material exposure to what we think is the most exciting exploration postcode in the world."