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I think Total can manage multiple drilling prospects over the course.of a year somehow!

Wellwell
Yep, if anything the EPS has already shown the viability of such a strategy and should be considered a success in that respect. Ideally nonissues arise as the company indicates they know of none and all proceeds according to plan.

So at 20k bopd the company will be generating c.$350m annually in free cash flow. They already have $170m in the bank. To my reckoning in 12 months the bonds will be covered and not far off the current market cap would be also.
Depending on cost of new well solution to tie back ($50m?) Each new well pays for itself in 3 months. So effectively the company could likely maintain production for many years with only 6 months productivity from each well (generating $200m pa free cash flow), we are nearing 9months on EPS activity now.

I'm glad you have decided that Phoebus, saves the company having to worry about such minor details. Hope you are well remunerated for services provided.!!

Phoebus
Not really considering the original intention of a 2 well programme.
It is an inter temporal issue on cashflow nothing else for Tullow as regards Guyana.

Just to reiterate - dont think there is any need for a dilution. Say Eco and Total fund it with Tullow paying later then Total(Qp) pay 25/40 or 62.5% and Eco pay 15/40 or 37.5%.
In such a situation, Eco share of a $30m is $11.25m. This is easily affordable and in the case it accelerates drilling eminently sensible. So long as provisions are in contract to ensure they get money back at some point or are carried on a 2021 drill.

Tony
May take time to effect sales, comea down to what your selling, who's interested and does the price leave enough in it for them.
So on the basis it may take a while, they need different catalyst.
Wonder if Samuel may be in this just to take Jenya off their hands....

Not sure they need to raise any money. They have $20m cash and a drill is but $30m or so.
If Total and Eco fund it per their shares while Tullow indisposed then it is only $12m to Eco.

May be he just needs to advise what takes him over percentage thresholds so he could have bought more but just declares what took him through 11%.

I would say it is economic but there is a bigger immediate prize by proving up the Cretaceous. This would consequently be the priority

Harel
I think in late Q2/early Q3 would be the plan.

Romeike
The 11% holder makes a hostile approach more challenging and hence 60-75p unlikely. Easy to launch a defence and say we are drilling this now and selling Y immediately. The 90-110p range would be attractive for many as those who jumped in around the 140s after the first drop would find this much more palatable - not great but not such a beating.
If nothing in next 6 weeks then new CEO will.likely get time to work through the problems.

I believe it is as much in the partners gift to push plans as Tullows and it may come down to relationships. All may wish to allow Tullow time for a new CEO to be appointed. For Eco it.makes more sense to.push for progress now, I am sure Africa Oil could extract attractive terms for helping to fund and Total would (as Gil states in the interview) have no problem funding their share.
Then it comes down to how punitive the outcome is for Tullow not to participate and if this incentivise them sufficiently to find the cash.

Tony
It would be unusual to.imagine Tullow being anywhere near the construction of Infrastructure.in Guyana as relates to a major drilling campaign just undertaken by Exxon and partners.
Tullow need to drill and then let the money get to the project and maintain as hugh a percentage as possible.

They may not have much choice Romeike if the contract allows partners to step-in should there be a standstill. Eco are obviously well incentivised to do so and have shareholders who would stand to benefit significantly in a success case and have deep enough pockets to assist them.
Remember, Eco management hold several million shares and will be keen to see the SP reverse recent under performance.

Mrd
While the inexorable Tesla rise is inexplicable, comparing the two stocks doesn't really hold. Tesla to a point is a growth story but will need to.perform epic levels of delivery and prevent margin erosion as existing players enter this space. Check the new Audi advert, quite impressive. I for one would have a Jag I-pace before a Tesla any day.
Dorothy I think should be taking action but fear she may need her hand forced for her to do so. That may be close at hand depending what partners propose this month at the OpCom for deciding on drilling plans for Orinduik.

Not many of sound mind go long in the hope they will fall!

Proselenses
You're not seeing the wood for the trees.
The obligation under the licence is entirely different from the options available under the partnership agreement. They are 2 very distinct documents from each other.

Incidentally, we would include step in provisions for non performance in a contract to prevent delays when working on major infrastructure/asset construction projects.
Stops a partner screwing the IRR on your sunk costs and was a boiler plate provision.

Proselenses
Funny, Inhadnt realised you were:
A) a contracts lawyer and,
B) involved in drafting this partnership agreement
Because to speak so definitively youd need to either be both of the above or full of ****.
The terms you describe are non commercial, let's find a billion barrels then hold partners to ransom for a carry by refusing appraisal/development etc. Hence, I seriously doubt (note absence of definitive wording) these are included in the partnership agreement. Else the partners would just sign up individually to the contract with Guyana directly and take their share. It is a partnership agreement such that one party is very unlikely to be able to dictate terms to the others.
If the others wanted to act they would need to be funded for doing so and happy they could execute but the industry is replete with partners who could do this even if Eco went it alone using theirs and Africa Oils money.
I have emailed Tullow IR to ask around such provision as a shareholder here and there.