Member Info for JMAX

And you seem to forget I tipped FRES when it was sub 600p and it is doing ok :) :)

Suffra-Jet,

You are one of the mugs I was mocking, and let's not forget TLW gave UOG an asset that contains over 7 Billion barrels of oil.

Repsol drill :)

Where are the 'experts' - the ones who think TLW will get 30% of Kenya production from day one :)

'you won't stop me laughing' :)

If the IIs didn't lend their shares put it wouldn't be an issue. The big boys are in it together but the 'experts' on here can't see it.

Do the shorters have an unlimited amount of shares to sell ?

Why do you losers have to lie :)

Let's put it in simple terms - the Kenya deal is dreadful for the longs, it would be very hard to have got a worse deal.

How thick are you................

Here's the RNS

15 Apr 2025 09:32

RNS Number : 0870F

Tullow Oil PLC

15 April 2025

Tullow Oil plc

Tullow agrees heads of terms for sale of Kenyan assets for $120 million

$80 million near-term cash receiptsOption to back-in for 30% of potential future development phases at no cost

Transaction with Gulf Energy, a leading Kenyan energy and infrastructure group

15 April 2025 - Tullow Oil plc (Tullow) is pleased to announce that its wholly-owned subsidiary, Tullow Overseas Holdings BV, has signed a heads of terms agreement with Gulf Energy Ltd (the "Buyer") to sell Tullow Kenya BV, which holds Tullow's entire working interests in Kenya, for a total consideration of at least $120 million (the "Transaction").

The consideration will be split into a $40 million payment due on completion, $40 million payable at the earlier of Field Development Plan (FDP) approval or 30 June 2026, and $40 million payable over five years from the third quarter of 2028 onwards. In addition, Tullow will be entitled to royalty payments subject to certain conditions. Tullow also retains a back-in right for a 30% participation in potential future development phases at no cost.

The Transaction is accretive to both equity and leverage and further accelerates Tullow's deleveraging process.

This Transaction will constitute a significant transaction for the purposes of UKLR 7 of the UK Listing Rules (as came into effect on 29 July 2024). Further announcements will be made in due course upon full form transaction documentation being entered into by the parties.

Transaction highlights

· Minimum cash consideration of $120 million, with additional royalty payments subject to certain conditions.

· Tullow retains a back-in right for a 30% participation (before Government back-in) in potential future development phases at no cost.

· Corporate sale of Tullow's entire Kenyan portfolio of assets.

· All past and future liabilities will be transferred to the Buyer as part of the Transaction.

· Conditions precedent for completion of the Transaction include:

- All necessary regulatory approvals.

- Delivery of payment guarantees satisfactory to Tullow in relation to Tranche B and C (see Consideration Structure).

· Entering into the full sale and purchase agreement (SPA) is targeted within the coming months with completion of the Transaction and receipt of first payment during 2025.

Richard Miller, Chief Financial Officer and Interim Chief Executive Officer of Tullow, commented:

"Today's announcement marks another step forward in Tullow's accelerated deleveraging journey with near-term cash receipts of $80 million and mitigating significant capital exposure, whilst retaining a material option on the future development of the project. I am confident that the proceeds from this transaction, coupled with the $300 million from the disposal of our assets in Gabon, position the business strongly

The Kenya deal RNS states the basics of the 'contract' - what part don't you understand ?

What part of the published contract do you not understand ?

I have just posted a link to what 'Back-in rights' are. You can resort to your lowbrow humour but it doesn't change the fact you have been shafted.

All those questions have been answered before.

What terms would you like to know ?

The $2B has bought TLW a 30% share in the asset but this doesn't take effect until the new owner / operator have recovered their costs - clear as day.

Why not contact TLW IR and see for yourself.

What assumption am I making ?

If you were correct the SP would be flying!

You've been shafted of your $2B - didn't you know.

Https://lsd.law/define/back-in-right

The new owners / developers of the project have to reclaim all of their expenses before TLW can exercise their back in rights. This was estimated to be over $3.5B.

PG can never back up their claims.

PG,

Please explain why you think I am wrong.

If TLW, were 18 months from adding circa 30k bopd to their production, I would like to think that the SP would be higher than this dismal level.