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Following VIU assessment as a result of reduction in long term oil price assumption, using a pre-tax discount rate of 18 per cent (2019: 14per cent).
It was valued at 750 million the previous year. Les is useless.
Did Les write off in 2019 or in 2020 annual report's Kenya's exploration assets?
Guyana and Suriname have been temporarily written off because we are not actively spending on exploration right now and we sold Uganda but Kenya is still an ongoing project. Kenya exploration assets shouldn't have been written off. (And we still have in Guyana and Suriname very promising exploration blocks).
Not so easily. It was Saudis who dropped the price below the 50s. But can't afford those oil prices on the long term. We could and we did outlast them. We can outlast shale oil. Your are the lucky one because you didn't understand Tullow when you bought it.
I call your BS, that oil is going nowhere, it doesn't "strand". It was discovered 10 yeas ago and has been covetted by Total for more time that you have been invested in Tullow. I am not a pretender, scat.
"Total's CEO has had to visit the president personally" (so what? backroom deals what's the big deal, maybe you have skype facks with your girlfriend/wife and you don't meet her personally. It's just makes sence to not meet with the president of a country or the energy minister if you plan to allocate and invest billions, right? ....Please Lord give me patience)
it still could only borrow at 10% + interest rate.
First that's the rating agencies fault, wouldn't have been ([worse]) if we had held Uganda.
Second the bonds were oversubscribed.
Third, if we had sold Uganda at a better price we would have needed to borrow less debt.
it still could only borrow at 10% + interest rate.
First that's the rating agencies fault, wouldn't have been better even if we had held Uganda.
Second the bonds were oversubscribed.
Third, if we had sold Uganda at a better price we would have needed to borrow less debt.
1. Sell Uganda when oil was at an historic low
2. Sell Uganda when oil was at an historic low
3. Sell Uganda when oil was at an historic low
Rahul wasn't here when the decisision was made. And Les and Dorothy were the proponents and advocates.
Overall Les hasn't tanken any right calls. And the hedging is not his merit nor is he directy involved in timing the options (he is a lazy sleezebag).