The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Yourself and @BigRisky are some of the legends on this BB. GET BACK IN.
@ Anton
Shame you got out as you were a genuine LTH who always shared positive content.
But you did what seemed logical at the time and not all of our decisions ending up being right which is part and parcel of life.
There's still plenty of upside here pre KENYA decision so get back in if you fancy it.
I valued your contribution on this BB mate.
Load up. Chinese stimulus package and huge inventory draw I can see Brent at $87 this week and 40p for Tullow sp.
GLA LTH.
The American Petroleum Institute (API) has reported a massive 11.486-million-barrel draw in U.S. crude inventories, compared with the previous week's 2.418-million-barrel draw.
Article - Surprise Crash In Crude Inventories Sends Oil Prices Higher
Oil has taken a big dive today on China markets turbulence, Tullow sp will be impacted but hopefully only temporarily. Fundamentals are strong. Possibly sub 37p today.
Haha! Sorry for the confusion got toooo excited
All good Tman
GLA LTH
Gman Tman
Just testing ya
Wtf Happy (enquest ramper) - another g*y boy back on tullow bb
There's some serious g(a)y boys on here
Https://www.proactiveinvestors.com.au/companies/news/1023140/eco-atlantic-oil-gas-buys-tullow-out-of-orinduik-block-1023140.html
Eco Atlantic Oil & Gas buys Tullow out of Orinduik block
$700 Million upfront plus the contingency royalties - that's an absolute blinder from Rahul!
This transaction wipes Tullow debt from $1.9 billion to $1.2 billion (expected $1 billion by yr end) if used against debt.
Tman
You're talking about contingent consideration.
You missed the main and immediate consideration you dolk!
"Transaction summary:
- US$700,000 cash payment upon transfer of TGBV's 60% equity and operatorship of the Orinduik licence to Eco, to be paid to Tullow Overseas Holdings B.V. ("TOHBV") on completion of the Transaction (the "Initial Consideration")."
Guyana update (RNS)
10 August 2023 - Tullow Oil Plc ("Tullow") is pleased to announce that it has agreed to sell its total interest in Tullow Guyana B.V. ("TGBV"), which includes the Orinduik licence (Tullow 60% operated equity) in Guyana to Eco Guyana Oil and Gas (Barbados) Limited ("Eco") (the "Transaction") in exchange for a combination of upfront cash and contingent consideration.
Tullow's decision to exit the Orinduik licence is in line with its strategy to focus on its high return production assets in Africa and infrastructure-led exploration around producing hubs and delivers its objective to unlock value in emerging basins. In 2019, Tullow drilled two exploration wells on the Orinduik licence which yielded uncommercial oil discoveries. Nonetheless, Tullow recognises the material oil resource potential remaining in the Orinduik licence and as such, the terms of the Transaction allow Tullow to retain exposure to any potential future success in the region.
Transaction summary:
- US$700,000 cash payment upon transfer of TGBV's 60% equity and operatorship of the Orinduik licence to Eco, to be paid to Tullow Overseas Holdings B.V. ("TOHBV") on completion of the Transaction (the "Initial Consideration").
- Contingent consideration is payable to TOHBV, which is linked to a series of potential future milestones and triggered as follows:
o US$4 million in the event of a commercial discovery
o US$10 million payment upon the issuance of a production licence from the Government of Guyana
o Royalty payments on future production - 1.75% of the 60% working interest entitlement revenue net of capital expenditure and lifting costs
- Transaction and payment of the Initial Consideration outlined above is subject to certain market-standard conditions precedent, including Government and JV approvals.
- Proceeds from this transaction will be put towards general corporate purposes.
- Completion is expected to occur in the second half of 2023.
Jean-Medard Madama, Director Exploration, Non-Operated Assets and Decommissioning, commented today:
"This transaction is in line with our strategy to optimise our portfolio through opportunities to unlock value from our emerging basin licences, whilst focusing our capital expenditure on our high return producing assets and growth opportunities around existing infrastructure."
WOW! WOW! WOW! GET READY TO FLY!
50p is coming, massive news!
Starboard
Yes I agree with your comments, I merely emphasised today's broker rating bcoz someone had asked if there was any recent rating.
Just imagine an expected update next month (September) on Kenya is positive (which is somewhat likely) then this could literally double in price overnight!
Leeds Wedge:
Please see broker rating published today by Peel Hunt - 75p.
Happy days!
Taken from the proactive investors Article below (link attached): -
London stockbroker Peel Hunt today repeated a ‘buy’ rating and a 75p price target for Tullow.
Plenty of upside here. Next test is 40p Imho.
GLA LTH.
Https://www.proactiveinvestors.co.uk/companies/news/1023025/tullow-oil-secures-extension-of-gabon-assets-to-2046-1023025.html
Tullow Oil secures extension of Gabon assets to 2046
Crude oil inventories in the United States unexpectedly fell sizably this week by 15.4 million barrels, the American Petroleum Institute (API) data showed on Tuesday after increasing by 1.319 million barrels in the week prior.
Analysts were expecting a draw of 900,000 barrels in U.S. crude-oil inventories.