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https://www.energy-pedia.com/news/guyana/eco-(atlantic)-provides-guyana-operational-update-183287
In my opinion Tullow is in wrong acreage in both Guyana and Suriname. They should radically farm down or even exit both.
One suggested resolution worth mentioning is up to 10% share buyback. From shareholders point of view this is positive news. https://www.tullowoil.com/application/files/8116/2160/7625/Tullow_Oil_plc_2021_Notice_of_Annual_General_Meeting.pdf
There is certainly lots of oil there. The problem is it is heavy, which means it needs heated pipeline to transport it. 1500km transafrican heated pipeline through Uganda and Tanzania is in my opinion an impossible project. Uganda could not agree a deal to build a joint pipeline with Kenya, which made far more sense. Ugandan oil will remain a “stranded” asset for a long time. They might be able to transport some of their oil through Kenyan pipeline once it is built.
https://www.britishbulls.com/m/SignalPage.aspx?lang=en&Ticker=TLW.L
Tullow Kenya president of operations addressing local residents in Lokichar. Madhan Srinivasan urged residents of Lokichar to remain hopeful and patient.
“Very soon, we will resume operations, and I assure all residents who were laid off that they will get back their jobs.”
Russian and Saudi oil ministers suggest EIA “la la land” fossil fuels policy will lead to 200$ oil soon.
https://oilprice.com/Energy/Oil-Prices/Well-See-200-Oil-Russia-OPEC-MinistersBlastIEAs-Net-Zero-Plan.html
Already now oil reserves in US are 3% below average for this part of the year.
One reason why there might be some reluctance from institutional investors putting money in smaller oil companies is the current trend in transiting from fossil fuels to renewables. Black Rock has joined the chorus.
https://uk.finance.yahoo.com/news/blackrock-goes-against-bp-board-173202288.html
AGM should report on successfully completed refinancing, nearly completed price hedging of the future production, successful completion of a producer and injection well in Jubilee. In addition a single statement of means of financing pipeline and development of Turkana would be great news. Everyone here is probably aware of the fact that SP recovery is not going to be a straight line, but eventually we will get there. Rahul is obviously not a guy of many words, he likes to’ comunicate with his deeds.
Market makers trading non physical oil. A quote from oil price.com explains:”Meanwhile, hedge funds and other money managers bought the equivalent of 102 million barrels of crude across the six most actively traded contracts in April, and then in the week to May 11, they sold 31 million barrels to take profits, Reuters’ John Kemp said in his regular weekly column. Brent crude and WTI were the most sold contracts.
Still, institutional buyers remain highly optimistic about oil, Kemp noted, with their total positions across the six contracts at 871 million barrels. The bullish to bearish positions ratio stood at about 5:1 as of last week.”
Uganda couldn’t make commercial agreement with Kenya which makes sense. Now they want to export via Tanzania which is way longer route. For me this looks like another impossible pipeline. Once Turkana pipeline is ready, Total will come back to Rahul.
Iran s currently pumping around 2Mb per day, they need at least six months to add another million. Ultimately they can produce max 4Mb but for that they need a major investment and it would take at least a year to get there. So, as I mentioned the current POO swings are based on speculative trades based on rumours and fake news