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I think many were expecting 50 basis points before the war in Ukraine. If they want to manage inflation they need lower oil prices, less spending and less printing of money IMO. I guess we are about to find out what The FED think?

I guess saving face is a relative term at this stage. Putin has put Russia back 30 years, cost the lives of thousands of people including many of his own, run the Russian economy aground and tanked its currency, may well be charged with war crimes and has managed to galvanise NATO and the West in a way no western leader could ever have done. Even at home there seems to be a growing realisation that the Russian people have been lied to. I for one didn't think he would invade Ukraine but I didn't realise how deluded he has become. If Russia wants to save face they need regime change.

Thank you H.

KK, Sadly I think Putin's aim is to put Russia back 30 years. Tick...... at least he's achieved something! Let's hope Kaz have learned from the unrest work to maintain stability.

Mr C, totally agree. Russia made a catastrophic mistake with Ukraine. China has seen this and it would be a special sort of st*pid to get involved at this stage. This is beside the fact that China signed an agreement with Ukraine a while back offering, among lots of other stuff, help and support in the event of invasion. Oops! I also agree the US needs to wind it's neck in. China can see what has happened to Russia in terms of sanctions and condemnation. They can decide for themselves if they think helping Russia is worth the cost and they don't need threatening.

Well I've just added another 150k shares as things are looking slightly more positive on the Ukraine front. Kaz will need to walk a tightrope if they are wanting to keep Russia at arms length. No problem right now as Putin has his hands full.

I think the geopolitical news is key to the SP here. Russia have messed up and must be looking for an off ramp or face up to possible military humiliation and financial Armageddon. Talk of China being asked to support them this morning but I would have to hope that they are going to continue sitting on the fence or involve themselves in cease fire talks. Fingers crossed! I'm not hopeful around the boat but look forward to news on the shallow and deep wells in March/April? This war is proving that the world is still very dependant on hydrocarbons so let's hope Kaz can help fill the gap left by the Russian oil that the EU and US/UK don't want to buy. Clive should be sitting on a whole heap of money by now so I would hope for a positive update on company finances in the not too distant.

Thought provoking. Thank you.

Let's hope Russian isolation is enough to convince them this war was not a good idea nor a just cause. The human race needs to resolve it's issues without killing people and isolating the aggressors might be one of the ways we can do that. I keep half expecting to look at the news and see that Putin has been deposed. You don't need to be a student of history to recognise that the Soviet Union failed because it was flawed. Chucking Ukraine and the Russian economy under a bus to get back to those dark days is nothing short of madness. The trouble with a global economy is that it becomes complicated to isolate any part of it. The CPC being a case in point. I hope that space aliens don't turn up here looking for intelligent life...... they'll be disappointed!

I'd like to think that this can be resolved as quickly as possible. Russia badly needs an off ramp but I will judge Putin by what he does and not what he says.

As Cap says It means we don't take the full hit if POO collapses but we don't see the full benefit from a strong oil market either. It's a "hedge" against volatility in the oil market. There are details of the price envelope in the YE results. This hedging would have been required when Tullow re-financed their debt last year. Hedging is planned drop down as our debt is reduced. Again the details are in the results. I'm sure the accountants on here can explain it in more detail.

Cheers Stu. No surprise that Russian oil is struggling at the moment. I saw an article that suggested China and India had jumped in to buy Russian oil at bargain basement prices. Whatever governments believe most people don't want to think that their fuel spend is paying for the war in Ukraine...... and whatever might follow if Russia succeed. Paying Russia can't be easy at the moment and it will get harder every time Putin doubles down. There are complications like the CPC pipeline that transports oil from Kaz and Russia in the same pipe and the EU look to be suggesting that it will take up to 5 years to ween themselves completely off Russian hydrocarbons. Interesting that Putin has not played the stop card. After all he has weaponized energy and made several threats. I guess the Russian economy just can't stand any more shocks at the moment?

Clearly Les Wood has done a cracking deal for us and is being rewarded accordingly?

Badge, 100% agree. They should have kept the last RNS to the results of the debt swap. I would rather have waited a week or two for a proper operational update. Feels like we have been fobbed off with a half baked bolt-on that has created more questions than it answered. The biggest disappointment for me is that this is back to treating us like mushrooms. I accept that RNS are not for routine updates so perhaps they could do something on the website to keep us informed?

"Taken together with the production expected from the existing South Yelemes wells the production capacity of the shallow structures on the BNG Contract Area is now approximately 3,000 bopd" This was Dec 23rd. Great news but we are still 600 bopd short of achieving this. 300 of this is the SY volume that is still not back on line two and a half months after getting our licence. There is still a wiff of over promise and under delivery here. I thought we had learned from the past and moved beyond that!

I guess everyone is entitled to an opinion and yesterday did nothing to boost confidence in Rahul. I would be livid if the signal from the business was everyone is doing a good job but the Les Wood announcement suggests they don't think that. I'm not an oil industry expert but perhaps those that are can tell us if cost of sales equating to almost $30/BOO is efficient for an oil producer operating as Tullow do? Even that left us with a gross profit of $634M from which we managed a net loss. Financing costs of $356M? Really! We have de-risked our debt with hedging and the re-financing was completed with interest rates at historic lows. There is some commentary about legal and other costs but we spent $42M more on financing in 21 than 20. And tax at $283M. Are we operating an efficient tax strategy? The top level take away would be that 60k BOPD at better than forecast prices was not enough to break even. More oil production is unlikely to deliver the results we need if they don't get a better handle on costs. It appears from the commentary that the "cost saving" that was achieved mostly came from the disposals. The upside here is that there is still low hanging fruit to go for in 22. I'd give Rahul a bit longer. When all said and done we are still in business which was no given 18 months ago. My mark at this stage is C- must do better.

I'm going to buy some more in the morning. The shorter's have to close their positions at some stage!

Yep. Shame but our local Tesco are sold out on crystal balls. Today's results came as a surprise to me. Nothing is a given but I was expecting a profit and an upgraded 2022 forecast. I still need to go through the results in more detail. Got very P'd off with some of the numbers and closed the link before I got through them all. Maybe we needed this to clear Les out and move forward? We are still in the best sector on the market right now. Just a shame that we were making nothing while the sun was shining.

ad, great links thanks you. Odd but good for us that the CPC is not being ring fenced as Russian oil.

KK, I wish they would sell the boat but I can't believe there would not have been an RNS and a board meeting to approve? I remember a couple of posters saying nothing will happen here till spring..... well played guys! I get the comment on the sanctions as I doubt they know any more than us at the moment? We still have Putin's response to the US ban to come so still some cards to fall. Come on Clive/Shin...... "while we are young please".