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Looks like the increased shorts are being put to work. I wonder if they will be coordinating the reversal so they all get to cash in on the upside as well.

Oil prices are not going to spend all year at these lows. Much of production is hedged. January prices were also relatively high. If anything these low prices could very well kill off US shale growth sooner than expected leading to higher prices later in the year.

There is a big difference between revenue and free cash flow

We can only hope that an announcement on CEO is made before the end of March. Even then it does not mean they will start immediately, though they will heavily influence strategy even before they officially start. I am very much hoping the new CEO can start immediately though, really need a change of approach from the communications lock down of recent weeks.

Tullow played the delay card, drill question will be down to the new CEO, it certainly won't be a priority for Dorothy.

Is there a hint there that Tullow and Total might agree to a stacked multi-target well well in Orinduik, upper cretaceous?

While respiratory virus are generally transmitted through air, it looks like this covid-19 relies quiet heavily on the fecal-oral route. Sounds pretty disgusting, but perhaps if people are more conscious about hygiene it will limit the chance of pandemic. Despite all the scaremongering I still think likely this will be contained, but I suspect it will end up endemic in China and the Middle East. Interesting they count cases brought back to a home country as an infection in that country - great for causing fear of "the spread" but not very informative.

With any luck 2020 production should not be too dissimilar from 2019. Hopefully actual uptime will be closer to the historical 95%.

If in line with forecast it will be running at 23,000 bopd. I distinctly remember that the higher capex 2019 was meant to be for plans to drill and complete seven new wells across the TEN and Jubilee fields. I have no idea what happened to that.

We have started the year well, with production in line with expectations and a number of improvements made in Ghana.

So does this mean production is in line with their lousy forecast or ahead of their forecast given the improvements made in Ghana? The wording is obscure.

Does anyone know if I am correct in thinking that of the two well issues in TEN, the first E-10 was resolved last year, but the second was abandoned, to be replaced with a different well this year? The missing 6k bpd production is the result of the issues with those two wells.

I believe the issue with Enyenra is a function of it's geology, you can take a look at the shape of the reservoir in the original project documentation.

https://www.tullowoil.com/Media/docs/default-source/3_investors/tullow-ten-brochure.pdf?sfvrsn=2

Something really stinks about those forecasts. Why have they deliberately shot themselves (or shareholders) in the face with these "lower forever" claims? If they really wanted to get rid of the top two executives, surely they could have found a way without destroying 90% of shareholder value in the process?

Jubilee is (the larger half) of the story, we also need to see improvement at TEN. That ought to be provided by the new well. All of this is being drowned out because the governments of countries like Iran, S Korea and Italy cannot get their act together.

With the SP action completely detached from reality now, who knows though the bounce back from 36p was pretty strong. Dorothy and team need to get a new CEO appointed asap. Taking action against the form just weeks before the Christmas the way they did has left this company exposed and directionless for far too long.

turning out even worse than I expected

He will possibly get s good opportunity at 39p or lower tomorrow. Virus being milked for all it is worth by the speculators. Oil already down over 2.5%.

Tullow was already clear it was looking to farm down in Kenya anyway. The difference now us that with Total also offering up half of its stake a buyer can take the operatorship to become key decision maker on the project.

Hi Frank - I recall Dorothy indicated an announcement re CEO may be made after the 12 March review is published. I am guessing third week March, perhaps optimistically.

There can be no rns re Kenya if as suggested it will be under non disclosure terms while discussions continue and Tullow would doubtless keep quiet until everything was signed and sealed. I believe the story is probably credible, I just hope that the value returned is fair and that Kenya does not play stupid games over tax.