Member Info for Slift

Correction
*I'd tell you my opinion but i doubt..

"Why would the board bring forward the date to January, instead of leaving it at March, and then extend it by a month? Something just not adding up. "
Work out why this might be.

I'd tell you but I doubt you'd want to hear from "A Shorter, trying to mislead people, by Fake news, company announcements are the only reliable info to believe."

https://www.urbandictionary.com/define.php?term=go%20long

https://www.urbandictionary.com/define.php?term=going%20long

Refuse to do shifts. You?

Yes, no interest in this investment.
Mad?

TopCat81,

I was replying on behalf of PlantedBHA lol.

I'm pretty sure i also stated on that thread that it's either HUR or Chrysaor.

I've come to the conclusion that it's Chrysaor.

Yes ofcourse, I know that.

But i'm still pretty sure it's for Chrysaor.

"Not withstanding, the rumour-mill is suggesting that a submersible rig may already have been contracted by Petrofac for an "unknown operator"."

I'm pretty sure this is for Chrysaor in the UK Central North Sea, probably for Callanish or Britannia field.

Yo buckles,
Reckon dilution/finance update within the next 2 weeks?

Then the shares will really be worth "little".

Sure thing Supercooper.

I'm sure management has the time to provide an answer to every question asked by average Joe.....

Supercooper,

Tullow investor relations can only reveal and say what has been said in RNS'.
Even they probably don't know outcome of RBL, refinance etc. until the information is released by management.

Happy, I'm pretty confident that interest payments are included.

I have an estimate of $60-80m FCF (before $75m FID) for FY21 at $50/barrel.

Suggest you work it out if you want to convince yourself. Best way to understand it.

Happy,
the statement:
"(1) Cash flow from operating activities including lease payments, before capital investment, decommissioning expenditure and debt service"
Applies to c. $500m cashflow.

c. $500m cashflow - $265m CAPEX - $100m decom = $135m + $75m FID = c.$200m FCF (as stated in the trading update)

Interest payments are included underlying cashflow, but not debt capital repayments. Refinancing costs are not included as TLW and needs to be applied to the c. $200m.

Happy,

It's cashflow is after CAPEX and Decommissioning.
More detail of expenditure was provided at CMD.

Daragh2020,
The clue is in the name. I've already posted regarding RBL's many times in the past.

RBL - Reserve Based Lending

"Why does it matter when the debt hasn’t been dealt with?"
You'd be surprised if the importance of this (and other similar issues) with regards to RBL.

could get away without a dilution*

Beetham,
As it stood up until now, it was a close call for Tullow whether cash raise was needed or not. And it still could be (we don't know RBL yet).

But FCF for Y20 was -$70m (including the -$50m capital movements at YE)
Amongst other things (production, etc.)

It's possible that Tullow COULD get away without a cash raise if they get good value for their exploration assets.

As it stands, i'm not convinced that there is no requirement for cash raise.

"On the other hand slift the delay could be due to a simple issue."

Potentially, but no reason to delay on a simple issue.
Obviously Tullow are being careful about this and doing the RBL where it's most likely going to affect shareholders the least.
But as i said, lower than expected production + amongst other things are a contributor to the whole picture.

Bugsy911,

Take a moment and think about what the RBL re-determination is.
And the reasons for the delay.

Yes, Tullow requested RBL early so that they are able to refinance by April.
But RBL has been delayed by a month, I have a potential list of reasons why it could have been delayed, but i'll let people do the thinking for themselves.

Having said that, I do think the drop is kind of overdone, but market could be fearing the worst. Less than expected production is a contributor to the whole picture.