Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Great post Adieuk
An Extract from a letter i forwarded to IR in Jan 2019
Ghana, As part of our shared prosperity we listed on the Ghana Stock Exchange we doubled it in size The Ghana investor sees Tulllow Ghana doing very well, great production and cash flow. The problem is the investor has seen the SP go from 31Cedi to below 12 and they lost the dividend, Bit of a Mess!
And just to cap it all Ghana National pension scheme were invested If they still are I would imagine we will have a lot of unhappy people in a place that is our jewel in the crown.
So for me The Lesson is we need to think things through ,great when everything is going well ,But we need to be careful!.
I note Tullow were overlooked on the last licence round dissapointed as we had the Infrastucture in Place.,
Eni have the Take or pay Gas contract that built up debt for the govenment paying for Gas not used.
as we established the world bank are involved and Tullow gas was backed out .
Tullow are going to invest in more Oil production but with it comes more Gas .we did get permission to flare but thats a short term solution so whats the master plan?
Tullow short of cash cut back on drilling/workover activities which helps to keep production down and reduce flaring.
not exactly what we need as share holders lets hope a solution is found and quickly.
I gave them Chapter and Verse over a range of issues in 2019 .I was hoping for some comment to support or trash my thinking, subject to that I will do .
Thanks
Still gas was a small part of our revenue.
Morning Canary ,Tullow are giving the Gas free for the first 200 billionscf Tariffs in report below.
My concern is Ghana Gas Handling.
We need to get Jubilee and Ten up to Name plate Capacity 120, 000 bbls Day and Ten up to 80 ,000bbls day
We can only re inject so much gas or risk subsurface damage if not already / or perhaps change the Gas Oil ratio
At Current production I understand we are flaring 30mmscfd and one report i read says we can flare to Operational requirements and another indicated up to 90mmscfd if needed so no problem ?.
Is our future Production is throttled by Ghana,s inability to take the Gas as flaring is not ideal. a short term solution.
Thats perhaps partly why they have let production decline/stopped work overs.but its not good for us investors/ company.
The solution,
Ghana needs to use more gas but that could take a long time to build up Infrastructure /Industry
Could they Export to Nigeria? Checkered History/Security Problems need to be sorted. or Cote De Ivore See History report link below
hTTps://www.oxfordenergy.org/wpcms/wp-content/uploads/2018/01/Future-prospects-for-LNG-demand-in-Ghana-Insight-26.pdf
hTTps://www.youtube.com/watch?v=RjnSjLcl-gc
I was hoping this would be addressed in the CMD
It may also account for Why Samual got involved , WAGP /Trade/The Africa dream is To Export gas to Europe Via Algeria or Morrocco funding has held them back Its been discussed for yearsTo many Bit Players across West Africa the Prize is Huge if it can be pulled together China Chomping on the Bit.
2016
Nigeria and Morocco sign gas pipeline deal to link Africa to Europe
I am no Expert I just follow what I find on the Web I am a long term and need a recovery at some point.Posts are Negative or Positive depending on News flow ,But we are not Mushrooms So we Question and try to learn.
Thanks good luck to all
Spot on canary wharfy thats my understanding too,
Any thoughts on how Ghana will cope with the Gas , It may be possible to export to Nigeria or Cote d Ivore WAGP but they have a history of problems and it all needs to be pulled together.
Everyone has a differing opinion but it is never a bad thing to think what if rather than the rose tinted spectacle approach I used to adopt.
Well Said Btfath1, Me too I used to find it difficult to post anything Negative ,as its not logical to be invested and talk Negative,when you want a company to do well , I try to check everything since the spat with Kosmos and the decline in the SP it will take time for the new management to build confidence back but we do have a new team .interested in all your opinions on a range of Tullow related subjects
Does anyone know why Tullow free Gas was backed out in favor of ENI? I have a possible answer but would be interested in any comment ,
Thanks again
Thanks Slift
Enjoy your posts as many do here.
Stuart tv ,
I dont usually post here ,i am very long term in Tullow since 2002 and well under water experience over the years has tought me to follow and research the best way i can i post positive and negative and try to keep a balence
I had high hopes for Cote d Ivorie Tullow farmed down to Cairne 7 blocks buy or sell thats up to the individual
Have a look at Repsol presentation today we may get news on Kanuku plan
Good Morning Slift,
please could you clarify what you mean by dropped , a little confused
Thanks
Something to note for exploration licenses:
Cote D'Ivoire - 6 licenses/blocks dropped here, leaving 2 for future exploration (including one next to Jubilee field)
Comoros - All 3 blocks dropped here
Namibia - 2 blocks, pending Venus-1 wildcat well in Q2 2021
Breakeven $35 Every S5 above = $100milion FCF so we should end the year on a good note.
Hi Neversellshell
I have been thinking that for some time,It makes sense to sort out Ghana, we have production capacity under used Jubilee 120,000 bbls per day and Ten 80,000 bbls per day nameplate capacity building contingent resources ,Low cost barrels and Play extensions.seem to be the theme possibly negotiating more favorable agreements /Terms and conditions to encourage drilling stand alone prospects.
The oil industry Paradigm is changing oil companies change to Energy companies. Environmental concerns .and Banks pulling back and private equity stepping in as they face less scrutiny.But still a place for Tullow.
It seems to be about Low cost barrels in areas with amenable governments, They need to sort out the Gas export too and
Stop Flaring.
Uganda
I was reading in Africa press some time ago that an Environmental Assessment/ Inspection of areas that Tullow Operated in would have to be carried out ,perhaps some remediation work needs to be completed.
Thanks for taking the time to reply Tony Circumstances are changing very quick even from my time of posting
good luck with your investments.
Good morning all,
My Question could Tullow take legal action against
1 Ghana Loss of production /Revenue Oil and Gas and Perhaps,costs of drilling a new well and ,damage to reservoir.
ENI/World Bank /Gas DYOR
Treaties
Ghana became a signatory to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention) on 9 April 1968. It is also a signatory to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, which was ratified on 13 July 1966 and entered into force on 14 October 1966. Under the Alternative Dispute Resolution Act 2010 (Act 798), a foreign arbitral award is enforceable by the court if it is satisfied, inter alia, that the award was made under the New York Convention or other international convention ratified by Parliament.
In addition, the enforcement of foreign judgments in Ghana is based on the doctrine of reciprocity. On this basis, final judgments from Brazil, France, Israel, Italy, Japan, Lebanon, Senegal, Spain, the United Arab Emirates and the United Kingdom are enforceable in Ghana. For countries that do not have reciprocity, a fresh action must be instituted on the basis of the foreign judgement.
2 Uganda Not able to get deals done/delay/Financial implications of delays.
3 DRC blocks 1 and 2 $500 million lost If I have the story right, Lots on the web Zuma/Nephew,/Foxwelp
Gertler wants compensation for money spent if he gets it then perhaps it sets a precedent
Congo’s oil ministry extended the rights to the permits until June 2021.
Lots for you to look into here.would appreciate any comments I am no expert.
I have a feeling Cnnoc or Total will cut a deal once Uganda is completed.
Superspecs Love the spec saver adverts!
Del boy also said This time next year we will be Millionaires!
AfricaIntell 25/09 anyone got the full text?
Total twists Kenyatta's arm by threatening to pull out of Turkana
Mullard Circa 2.8 Billion $
Enjoy reading your posts In James we CAN trust!
Hi Adam
I dont think anyone can tell you what to do in this situation. I am well under water in Tullow But split my portfolio between Property/cash and Tullow looking for just over 4 pounds to get even.
I have been in Tullow 18years and built a good position the last circa 7 years have been terrible,very dissapointed with them.
I decided not to average down but remain with what I have as to not upset the portfolio balance, I feel i have taken enough risk.
Much depends on your entry point Tullow is volatile at the moment a drilling result may see a spike perhaps an opportunity to sell down some shares,Tullow being linked to the price of oil also can produce a spike or a farm down.
The long term investor is at the bottom of the pile waiting for a good run of positive news for an FPSO situation it takes circa 4 years to get new finds to market. we need something to under pin the SP
Tullow has lost the confidence of the market,I take a little heart from two things I read in different posts
1 If Tullows assets are $12 billion then if we only got 50% then we are solvent with no debt
2 The debt does not have to be paid down in one hit its serviced year on year
Please dont take anythingI have said as advice if I was an expert I would not be here at the end of the day its your choice.
good luck to you ,I am sure you are not alone.