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Global Capital article published today.
https://www.globalcapital.com/article/b1rq9flmwhjgs1/tullow-tightens-docs-but-gets-rescue-bond-away
“Long decline” is good and symbolic definition.
https://www.bloomberg.com/news/articles/2021-02-24/odey-s-shrinking-hedge-fund-exposes-a-pile-of-illiquid-assets
Here is the redemption notice for 1922 bond to be carried by Deutche Bank.
https://dl.bourse.lu/dl?v=+H7GzbTEOWEZi0h+IfqJF3zUu8fZoGo3LOOCI22APFo7CnuxCGYITrldgHbtL2gXnxLgQ9RZY+FYHoAu+HhfYWsfpVaH0Tnok5nUpjVrVnrOuZnqH2/nhMW5qjnOGn5r8wDwysQdx1COJDzwGidz1/LoU9xlTiYDJF4QV+UnTQA=
I believe a development plan will be submitted by year end and it will eventually be approved by Kenyan government. With hyper cycle in full swing Tullow will have a choice of keeping it as a cash cow or selling it to Cairn India or CNOOC for good money.
Last two weeks average volumes are very low. Today up to this point less than 2 M shares. I guess everyone is awaiting the news of the finance deal. I suspect Rahul wants to pay the full value of the bonds but not at once. He was hinting at spreading payment over a few instalments. This would leave sufficient funding to initiate Kenya Turcana, (it would only be sold once the the development plan is accepted by the Kenyan government).
In just one week total US production dropped 200000 barrels. With the current rate of drilling and completions we might see the total US production dropping below 10 million barrels per day in only a few months from now. Even if Iran’s potential increase of production is counted, there is a potential for rapid increase in oil demand.
IMF increased its prediction for the global growth from 5.5 to 6% for this year. Once Europe, India and Brazil start massive inoculation oil demand will explode. Stay long and ignore “agent provocateur “ Happy ??.