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There is a lot of focus on Carapa-1 for understandable reasons, but at the end of the day it is a low chance investigation in a new area. Investors might also consider that there is potential for news that further analysis has shown the mobile heavy crude at J&J is commercially viable.

Next year the New Mexico end of the Permian will end up as the only shale area not in survival mode. People scoff about Tullow debt, but it is a tiny spec in the ocean compared to shale company debts and shale companies aren't funding repayments using long life resources and often don't have any assets to sell in case things look difficult.

This stock is in the grip of the sharks and spivs. Until they get bored an go elsewhere the stock will be volatile because that is how they make cash. Longer term this is a recovery play, it is currently financially stable and the credit downgrade was not severe, they could have put it straight on B- but they didn't because there is quite a lot of time available for a new broom to things up. Asset sales and some rapid diplomacy in Ghana re: gas off-take seem likely.

It may be that TLW sells over production assets to Total and refocuses on pure exploration, the background of the selected CEO may be the clue.

Aren't RNS quite rare on Friday?

It will break to 71-72p at the close I reckon. At some point there will be further profit taking but it's the institutions pushing up the price now and they will be playing the recovery.

I don't remember anything about Monday other than falling into bed and crying for 24 hours.

M&G buying back their full original stake is a huge vote of confidence in Dorothy and team that I for one am grateful for. I guess this purchase would likely not have been made without some direct and frank talks between M&G and Tullow.

In theory I'd expect the recovery to pick up pace and then level off as long term value investors and short termers part ways. I am hoping it does this, after Monday I have little confidence left.

Not sure I agree, I think it can go 100+ without news - that's just a reflection of how ridiculous the drop was. I think a whole host of factors led to the brutal initial drop, and I think the drop below 70 was manufactured deliberately.

Offers at a low price usually follow a stated strategy from management that they are actively looking to sell the company, presumably due to financial issues. That could not be further from this situation here. Tullow will still pump the same amount of oil from Ghana, even at a slower rate than expected until those issues can be resolved. In the meantime Tullow is probably overdue a bit of cost cutting and refocus.

Apolgies for repeating an earlier post but:

Any buy out would be based on a proper assessment of assets, reserves and licenses incorporating debt and cost of debt, and potential synergies, you'd be looking north of 150. They often reference the share price in the communication, e.g. this offer represents an x% premium on the share price on blah blah - but this actually doesn't have that much to do with it. It is more about how close the offer is to the board's assessment of value and whether they think shareholders will get better growth via a merger or not. In most cases offers are too low and are rejected.

I'd argue everything about the last week or 2 has been unusual...

Agree, newcomers may not appreciate how unusual the initial drop was, falling down way out of proportion to the news. Many will have "averaged down" only to be caught out by the farce this week. Things like this bring into question the quality of the exchange itself.

I'm not expecting to see over 60p until the close.

The stock has been rising this week despite the market generally being down across the board. Underlines the sheer nonsense that happened on Monday and give me hope that the shares may return back to the trading range of 150-280p based on what's actually important - reserves.

I suspect the new Chairman isn't one to look kindly on lowball offers. She appears to have dealt with the failing CEO rather decisively. And good job too despite the drop in SP.

open to takeover

The fact on this is that during the conference call Dorothy said that like all companies Tullow has to remain open to offers at the proper value. What she did not say is that they were putting out the for sale sign. There is actually much more growth here in recovering to 150+ than some unwanted approach with some dismal offer.

For what it's worth ECO up 6.67% into the close.

Agreed. The whole thing reeks of it.

I wouldn't put over much emphasis on carapa-1. New CEO and official Uganda news are the major news, alongside any improvement on the production side, however that likely won't be released until the February update.

I am not sure I understand the significance of this:

From monday's RNS, re production at TEN, one issue cited was:

" significantly reduced offtake of gas by the Ghana National Gas Company "

Does anyone know? I understood they were giving this for free anyway?