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I wouldn’t be surprised if they phase the 100m spent on decommissioning either.
And then they can cut back on Capex...........
I cannot believe we haven’t seen any TR1’s? Clearly one or more funds are selling down as the selling is relentless. Someone is mopping them up though.
You have to think that given the state of the market right now and the many companies that are facing some serious fallout due to Corona Virus that an already bombed out Tullow share can’t be top of the Shorters list. Surely most will close and move on to pastures new.
In preclinical trials, the team demonstrated that the oral vaccination induces high levels of specific anti-IBV antibodies, Katz said.
"Let’s call it pure luck," he said. "We decided to choose coronavirus as a model for our system just as a proof of concept for our technology."
But after scientists sequenced the DNA of the novel coronavirus causing the current worldwide outbreak, the MIGAL researchers examined it and found that the poultry coronavirus has high genetic similarity to the human one, and that it uses the same infection mechanism, which increases the likelihood of achieving an effective human vaccine in a very short period of time, Katz said.
"All we need to do is adjust the system to the new sequence," he said. "We are in the middle of this process, and hopefully in a few weeks we will have the vaccine in our hands. Yes, in a few weeks, if it all works, we would have a vaccine to prevent coronavirus."
For four years, a team of scientists at MIGAL has been developing a vaccine to combat infectious bronchitis virus (IBV), which causes a bronchial disease affecting poultry. The effectiveness of the vaccine has been demonstrated during preclinical trials carried out at the Veterinary Institute.
During the process, they discovered a process for developing new vaccines that they expect will help facilitate a novel coronavirus vaccine in world-beating time.
"Our basic concept was to develop the technology and not specifically a vaccine for this kind or that kind of virus," said Dr. Chen Katz, MIGAL’s biotechnology group leader. "The scientific framework for the vaccine is based on a new protein expression vector, which forms and secretes a chimeric soluble protein that delivers the viral antigen into mucosal tissues by self-activated endocytosis, causing the body to form antibodies against the virus."
Zerohedge reporting Vaccine could be available in weeks. According to a statement cited by the Jerusalem Post, a team of Israeli scientists are on the cusp of developing the first vaccine against the novel coronavirus, according to Israel's Science and Technology Minister, Ofir Akunis. If all goes as planned, the vaccine could be ready within a few weeks and available for human use in 90 days.
The short sellers and the funds not wanting TLW in their portfolio are in control. The March update will be critical and there are already signs that operational improvements are underway.
60% of 2020 oil is hedged and the oil demand will recover later in the year to balance the remaining 40%, so talk of rights issues, covenant breaches are very premature. Decommissioning costs will not carry over into 2021, so there is additional 100m FCF In 2021 too. One sniff of an asset sale and this share will re-rate in a heartbeat.
I thought I read Total were also reducing and that as a consequence CNOC would then be the majority holder. Interesting so see the value to TLW of the farm down?
Yes I spotted that too. I would imagine we have a mix of short selling & institutions selling down. We will probably tread water around this level until the results & strategic update. There should updates on several fronts and a new CEO appointment ideally.
Adding to their short position again. Most of these guys (inc Odey) are all about the debt / ebitda ratios and will hold their position until that looks like changing. Dorothy’s March announcement needs to send them all heading for cover. Jubilee news is and decommissioning cost carry-over are a good start. The cherry will be if she can find some arrangement on Guyana wells. A Peru strike wouldn’t do any harm either!
Yes excellent news. Will make a very significant positive impact on well performance at Jubilee.
Agreed. Russia does have a history of agreeing to cuts at the last minute too.
Wall Street Journal reporting Russia has blocked any OPEC cuts to production.
I stand corrected BigBear. It cannot be lower than:
The VWAP during the preceding 6 months
OR
The highest price paid by the bidder in the preceding 12 months.
Does the Volume Weighted Average Price apply to Rule 9 of the Takeover code?
Im not sure if he has?
He has many companies that hold TLW stock, but not sure of the purchases and prices within the last 12 months?
Rule 9 of the Take over and mergers code requires anyone achieving a 30% (or more) holding to make a mandatory offer (at the highest price paid by the bidder during the prior 12 month period prior to the offer announcement) So our Mr 11% may just take this out for 50p if the sells keep coming.
Crazy reaction today to mostly well known news. The sell side was strong this afternoon so a fund unloading is most likely.
Typically lots of fear mongering crap being posted by the usual suspects. Whilst Dorothy is executing a real kitchen- sinking to reset the company, there is so much here now for this market cap - 95% of assets independently audited (Jubilee increased a little), monetisation options on various Assets still very much on the table, decent contingent resources, Structural changes on the way to reduce fixed costs, 2020 production guidance on the safe side, sensible approach to unlocking Guyana. The Call confirmed they don’t even have debt to equity covenants. At these levels, stakes will be being built by some. Long termers will be hurting, so time to ignore the crap and await Peru news (40-50m barrels), New CEO, Jubilee Ops plan & March strategic plan. My take is 50p will provide a floor based on resources & exploration assets. Those short will be severely burnt by the mere sniff of a bid.
The buy volume has far outweighed the sell volume in the last two days, hence the rise, but it’s being controlled. It looks to me like there is a pattern in the MM’s dropping the bid on very low volume. Suggesting they may be trying to keep a lid on things and assist some shorts to close. I’m guessing Brandes continue to feed the market with some shares too.