Member Info for Romeike

Sorry I wrote it before reading that

Adam - there is no guarantee the trading update will be a blue day. Given the price action over the last few weeks even a benign update could result in a drop.

You would like to think tullow already had started negotiating with key candidates b4 they booted out old ceo

- unfortunately I don't think that is the case, contributing to the severity of the drop. Hoping they can announce new leader by March but not expecting them to be in post until the Summer. Getting the right person is more important than the speed though, they will have a great deal of influence from the date of announcement even if they aren't officially in post yet.

As long as it enters a steady uptrend I am happy

Shorters buying back shares?

N Hannon was filtered by all so he created new account => DLick

https://www.ghanaweb.com/GhanaHomePage/entertainment/Ghanaian-firm-builds-first-FPSO-modules-833608

https://www.defenceweb.co.za/featured/ghana-starts-construction-of-new-naval-base/

Why would this be sold off any more than PMO? There is much more value to be returned from a recovery than takeover.

It's not fake, it's a reversal of the short term price action yesterday that was a reaction to the sharp drop in oil price.

Sure but a 10% stake giving a relatively large boost to reserves for less than the cost of a wildcat drill. I can see why they'd at least consider it if Total was interested in shouldering the majority of the exposure.

I generally agree but assuming tbe blocks will be bargain basement.

Bloomberg, re: Congo Lake Albert. Probably better they stay clear, but a small investment alongside Total would be possible.

The Congolese government has talked to Tullow Oil Plc about purchasing a stake in the Lake Albert licenses along the country’s border with Uganda, said four people with knowledge of the discussions. Total SA and Eni SpA had also showed some interest, two of the people said.

The blocks could be a natural fit for Tullow and Total, which already share rights to adjoining areas on the Ugandan side of the lake where more than a billion barrels of oil have been discovered. The Congo licenses have long been regarded as having the potential for large discoveries, but proper exploration has been held up for years by legal and political wrangling.

Any deal would be difficult because Gertler is subject to U.S. sanctions, the people said. The American government accused the Israeli billionaire in 2017 of amassing a fortune through “opaque and corrupt mining and oil deals in the Democratic Republic of the Congo” and using “his close friendship with DRC President Joseph Kabila to act as a middleman for mining asset sales.” Gertler has repeatedly denied all accusations of wrongdoing.

Total didn’t respond to requests for comment. Tullow declined to comment. Eni said in an emailed statement that it isn’t interested in the blocks.

Complex Negotiations
Congo’s production sharing agreements for oil blocks 1 and 2 are with two of Gertler’s companies, Caprikat Ltd. and Foxwhelp Ltd. Both are sanctioned, as is the company that manages them, Oil of DRCongo. In May, Congo’s oil ministry extended the rights to the permits until June 2021.

To start the transfer process, state-owned oil company Sonahydroc would first take over the Congolese government’s 15% interest in each of the two blocks, according to two of the people and an August letter sent by former interim oil minister, John Kwet Mwan Kwet, to Congo’s president, Felix Tshisekedi, which was seen by Bloomberg News. Gertler’s companies would then fully relinquish their 85% stake in the blocks to Sonahydroc.

A new partner would then take those 85% holdings in the blocks, setting up a joint venture with Sonahydroc, according to the letter and the people. That arrangement with the state oil company could let Congo avoid an open tender process, which would be required if the permits fully reverted to the state, said one of the people. Congo has set up a monitoring committee to handle “the complexity of the negotiations,” according to the letter.

Sonahydroc declined to comment, while Congo’s Oil Ministry did not respond to requests for comment.

Compensation Payment
Gertler’s company Oil of DRCongo said by email that it has spent 150 million euros ($167 million) to explore and develop the blocks. The Oil Ministry letter gave a lower figure of $135 million, while an archived version of the website of Gertler’s Fleurette Group from 2017 said they’d spent only $100 million.

Tullow's situation actually seems comparatively less concerning. If they focus on solidly beating Ghana production forecasts and make progress on at least one, hopefully more, of the other key assets that would dampen down debt worries and give confidence in management.

Do you recall what steps Premier took early on to turn things around?

Mrd, you shouldn't feel alone there are plenty of people in the same situation with Tullow. You aren't alone. As I keep saying this is going to take months to recover. A solid strategy from a new CEO can accelerate things in the right direction, morale at Tullow is very low right now understandably. But it may take months to secure a high quality leader so for the sake of your mental health pleass try to put it to the back of your mind or at least come to terms with the fact it will take time to recover, and get plenty of exercise and sleep.

Another day of blue O buys and a waterfall of red As

Uganda should release 200m and in Kenya Tullow still has a 33% S

That is what they are trying to do, farm down for both will hopefully happen this year.

This is why I am assuming the new CEO will currently be a senior board exec on a major E&P company, rather than a CEO. However, yes looking at months not weeks for them to be at their desk, though an announcement sooner would be good. There is the option that they promote an internal candidate, which would also save money.