Member Info for Megla

Selling producing would be counter productive, low price given the Marco environment and would lose headroom on the RBL due to reduction in reserves. Wonder if maybe CNOOC will take a bigger stake in Uganda and some of Kenya.

JMAX, which asset do you think they can sell quickly? Uganda stuck for years, Kenya disputing the transfer of the tax losses. Dorothy’s no comment on it really wasn’t helpful.

Super risky, but the going concern statement wasn’t that unexpected given the dire situation they’re in. Company should be put up for sale to avoid shareholders been wiped out.

You're a f**king idiot, so is anyone that's short at this price.

Tullow's 'trust us' to make the right decisions attitude is utterly baffling given how they've destroyed the company. Don't even think the city could be bothered with yesterday's presentation, the questions were weak, it felt like they'd sent a bunch of junior analyst to sit through it and ask a token question at the end.

Some surge.....

Tullow still has chance to rise like a Phoenix, get corona **** out of the way then get the for sale sign up.

Only 13p to go and we can stop watching.

Question is, why didn’t they elaborate on the asset sales? $1bln is great if they can achieve it, but with Uganda going nowhere for years and the Kenyan government disputing the tax losses, how likely is it that either of these assets will be sold anytime soon?! Maybe they have something else in the pipeline, but just giving a number without details is a poor misjudgment in my eyes. Why should shareholders trust anything the company says after the destruction in shareholder value that they’re responsible for?!

Uganda has been going on for years. Kenya is going to be in dispute with their government. Tullow should simply say we’ve failed our shareholders and put the company up for sale.

The business has just told you that if they can’t sell assets there’s a chance the company goes under and you’re trying to spin the results as positive?!

Thanks for telling us what we already know.

No positives in that anyway, 4 months to tell us that they needed to cut the bloated G&A and that they desperately need to raise cash.

“Therefore, we have concluded that there is a material uncertainty, that may cast significant doubt, that the Group will be able to operate as a going concern. Notwithstanding this material uncertainty, the Board's confidence in the Group's forecasts and ability to deliver portfolio management proceeds supports our preparation of the financial statements on a going concern basis.”

Someone’s offered 50p a share and 2 packets of toilet roll to sweeten the deal.

Lol, love the optimism Jimbo :)

Now we’re talking, 70p is a bargain.

Noggers, why didn’t you buy tullow at £2 per share? Oil prices were higher back then so by your logic it would have been better value.

$2bln exploration and development spend I would assume, Tullow trying to get their ducks in a row before they sell all or part of the asset. Not really a bill though, essentially tax losses transferred to the buyer to offset against future production, unless I’m mistaken?

Doesn’t bode well the Kenyan government is contesting it, will definitely hold the sale process up.

Having debt is the norm for oil companies, not having a clear strategy to pay back that debt isn’t. Look at PMO, they’ve gone from £1+ to 23p and are in a similar boat. When you add in the lack of trust, and you can see why equity and debt is trading the way it is.