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Will the warrants be separately tradeable or will they remain attached to these particular newly-issued shares?

Worth adding that they also said "“We are making good progress with plans to refinance and simplify the group’s capital structure during 2025,” a spokesperson for Tullow told Bloomberg News." and "With the maturity of Tullow’s bond now less than nine months away the cash price at which the debt is quoted is down to around 85 cents on the dollar, according to data compiled by Bloomberg.

Tullow has raised $300 million through the sale of its Gabonese assets. Tullow’s spokesperson also confirmed that the company expects to receive $80 million from the sale of its assets in Kenya to Gulf Energy Ltd by the end of the year." - Of course the bond holders are consulting with lawyers. This is standard practice as 1) bond refinancing is a complex area, 2) they probably want to have some form of collective negotiation. This process may result in a number of scenarios, of which most people are aware. DYOR

Why are you reposting this irrelevant nonsense? Funny that you never seem to post positive “news” and that you were so relatively quiet over the past few days while the SP was rising. This post was already posted on LSE today.

Why post this piece? There are always quangos who are objecting to things. Drawing attention to an article like this at this particular time seems to indicate a possible agenda. Yes, there is a news vacuum, but that should not be used unless one is trying to further influence. IMO

Interesting that the 2026 bonds are now trading again and are up about 12% over their position a week ago. So, while the rating agencies may not be happy with progress at Tullow, the buyers of bonds see to be.

Xxnjr, How can net debt increase due to $100m repayment on ‘26 bonds?

The January Trading Statement issued on 24 Jan. 2024 said “On track to deliver targeted c.$800 million free cash flow over 2023 to 2025 period, with over $600 million free cash flow expected to be generated over 2024 to 2025 at $80/bbl.”. If, as many suspect, FCF of, say, $150m was delivered in 2024, the likelihood of delivering the remaining $450m in 2025 must be small. That may be what led to the news relating to RD’s departure. The questions are thus:

1. Is there a good explanation for the production fall-off towards December 2024?

2. Is the fall reversible?

3. What will the projected FCF for 2025 be?

4. What level of confidence will the market have in the likelihood of delivering that forecast?

Those are, I guess, the key questions for tomorrow’s RNS. Let’s hope there are some positives in the statement. AIMO/DYOR

Citadel had to buy back 2.8m shares on Friday 3 January at c23.62 having sold 1.4m or them on 18 December for c20.36p each (assuming closing prices on the day). It is interesting how quickly one can lose money when shorting, if some positive news starts to emerge! On top of that, the 2026 Bonds have now increased to 92.93. Repayment due 15/5/26 of c$1.385bn. Refinancing is probably being actively worked on, with the ICC decision helping the process. The 2025 Bonds have increased to 94.34 with the capital of c$492m due on 1 March 2025. Some of those who have been speculating against the company appear to be straightening out their positions. Will Pictet make a move soon? AIMO.DYOR.

Anyone know why the price he bought the bonds at was 86c but the bourse shows lower prices? https://www.boerse-frankfurt.de/bond/usg91237aa87-tullow-oil-plc-7-18-25

All on low volumes - is this Shorters at work?

Kal12, Kosmos decision to walk away probably stems from things other than strategy. They were aware of Tullow’s debt position, as well as cash flow, before being forced (by Tullow’s RNS) to disclose their position. It was unrealistic that they could buy Tullow for equity, where they have significant debt themselves. The movement in their own share price reflected that reality. It went from $2.90 on 11 December to $2.16 on 16 December. It was back to $2.61 at Noon today, post the termination of interest. This 26% decrease in share price between 11 and 16 December probably reflected the reality that they would be unlikely to succeed and that, if they succeeded, they would need to dilute further to make a deal happen.

The RNS on the arbitration decision is about to drop so let’s hope it is positive for Tullow and that they can get on with refinancing the 2026 Bonds. Then we will begin to see more stability, as well as the prospect of the SP increasing. The movement in the bonds over the last two days probably reflects that reality. AIMO. DYOR

How do you figure that $500m is due in March? Check your facts before commenting please.

Strange that this has gone son all day and nobody seems to have an idea what’s causing it!

Does anyone know why the bonds have fallen so sharply over the past few days?

Is the arbitration decision being delayed because it might impact on the election about to take place in Ghana? If so, what odds that the decision will go Tullow’s way. AIMO.

Not sure about the comments on the Bonds. There are only $360m of the 2025s left to redeem. Plus, their current price is c$0.95, meaning that you have to pay almost full price ($1.00) for the 7% coupon on bonds that end on 1 March 2025.

DYOR

That’s c10m shares they bought to close that position, without anyone really noticing. Very good operation. Getting out of their shorts at the bottom. Do they know something about the tax arbitration decision or the Kenya FID?

Good to see the sharebuyback announced today!

It's interesting looking at what is marked as a buy or a sell. I just put an order through to buy 60k shares but it appears on the trades as a "sell". Of course, for every trade that takes place, one person buys and another sells. What determines whether it is shown as a buy or a sell?

The latest RNS yesterday, at 07:00, gave the latest production numbers for Q4 2023 and the forecast for 2024. When the Market opened at 08:00, the share price was c30p. One could say that the market was then fully aware of the actual 2023 volumes as well as the 2024 forecast. In the first half hour, 382k shares traded and the price ended at 30.641p. Negligible trading.

By 08:49 today, 25 January, 7.7m shares had been traded since the RNS had been released and the share price had increased to 35.188p, for an increase of almost 15%. Over that time period the price of oil (Brent Crude) had increased marginally, above $80 per barrel.

In capitalisation, the Group had gone from c£429m to c£493m(based on 1.4bn shares in issue). This increase in capitalisation of £64m was on the back of only 7.7m share having been traded, which had a value of less than £3m. The Efficient Market Hypothesis says that share prices reflect all available information. If that is true, ceteris paribus, the share price movements over the past two days must demonstrate that there is significant manipulation of this share price taking place. There must come a time when the underlying factors at play here are reflected in the actual share price. DYOR.