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Japan will be fine, it's India that is most worrying

Streamlining the workforce is not desperate, it is entirely sensible. McDade appears to have created a culture of bloat and hubris, so it is time for a rude awaking, less work from home and more hands to the pump sorting out the issues that got the company into this mess. McDade must have his head stuck in the sand fantasizing about Tullow becoming a large major wheel, neglecting the day to day, unnecessarily retaining oversized stakes in their exploration projects, insisting on operatorship and spreading exploration budgets too thin. Tullow has become another example as why crowning "one of the boys" as new CEO is never a good idea.

According to Greta it is worthless, maybe she's just a stupid, spolit little brat after all.

Except that the rise today was nothing to do with any RNS but rather due to news on streamlining the business and poisitive oil price movements, surely?

Although pretty much what we were expecting already, having to wait until after March 12 for an announcement on the new CEO, feels no less frustrating as it just seems that without that vital step on the road to recovery Tullow remains in limbo. The more positive read on it is she is suggesting we will know who the new CEO is during March. They must have a good idea by now, but not surprised that person would want to see the full results of the internal review before committing.

KSH321 - spot on, that is exactly what he is, don't see why people cannot see that.

Cutting a third of senior management roles seems like a smart move. One wonders what they have all been doing while the rot crept in.

The bonds will be refinanced into longer term debt, not paid off in full.

Bit worrying how information seems to be available in a pay for view website over 24 hours before event.

InJamesweTrust - I very much agree with your assessment that our largest shareholder is a deterrent to a lousy bid and for that I a feel very grateful to him. I don't see any reason why the board would feel compelled to accept anything less than 140-150p but there is always doubt when there is so much uncertainty that you worry the board has lost its morale altogether.

The company is adrift with no proper captain, but rather a former CEO who is doubtless very invested in protecting her reputation at the Bank of England for careful management of risk. But what Tullow really needs now are some bold and decisive moves, quite probably some deal making and definitely some frank discussions with the government of Ghana.

A takeover is not a desired outcome at this juncture, we want a recovery be firmly in place first so that any deal can be done from a position of strength. Any approach coming soon based on recent SP action would most likely be derisory at best, you can forget dreams of £1+ more like 65-70p.

We had the CPR. Quite surprised no comment at all from Tullow, but they seem not to want to say anything at all that a new CEO may want to take in a different direction. The Feb meeting likely to be an exercise in delay for the same reason. Seem likely the next announcement will be the new CEO and it cannot come soon enough. They have had plenty of time now to identify a replacement for McGade and I am sure they have had a number of excellent candidates wanting to head up what was a very successful independent before McGade screwed it up.

I think it's likely Tullow will seek to delay any decision on budgets for Guyana until new CEO is in place.

For those interested. At least our parter in Guyana Orinduik has a decent CEO who isn't afraid to show his face and discuss what's going on.
https://www.proactiveinvestors.co.uk/companies/news/912089/eco-atlantic-s-gil-holzman-discusses-boost-to-orinduik-resources-offshore-guyana-912089.html

https://mobile.offshoreenergytoday.com/tullow-sees-increase-in-prospective-resources-on-guyana-block/

I thought they sold using the Jubilee price, which is very similar to Brent

The companies largest shareholder certainly seems to agree it is a good buying opportunity.

Looks increasingly like more shorting

Tullow Oil's Orinduik Block offshore Guyana could hold 5,1 billion barrels of oil equivalent in Gross Prospective Resources, best estimate, according to Gustavson Associates, an independent third-party auditor.

This is more than a billion-barrel increase previous estimate of Gross Prospective Resources of 3,981 MMBOE in March 2019, for the 1800km2 block sitting 170 km offshore Guyana in the Suriname Guyana basin.

https://www.oedigital.com/news/475235-guyana-orinduik-block-in-resource-estimate-boost