Member Info for xxnjr

From memory my understanding was Tullow are required to put themselves up for sale by initiating a formal sales process no later than November 2026 and if a sale was not forthcoming within 9 months of that the bonds are required to be paid in full by 15/May 2028. That is only 2 years away.

"The New Notes have a maturity date of 15 November 2028, however the New Notes include a requirement to enter into a legally binding sale and purchase agreement for the Group or its assets within nine months (if any of the New Notes remain outstanding at that time) of commencement of an M&A process (such process to commence before the end of 2026)....."

Https://www.tullowoil.com/media/press-releases/tullow-announces-refinancing-transaction-and-lock-agreement-c66-its-noteholders-and-glencore/

"Unless a legally binding sale and purchase agreement has been entered into by 30 September 2027, the maturities of the Extended Notes and the Cargo Prepayment Facility will be brought forward to 15 May 2028."

".....Application of M&A or disposal proceeds (where required to be applied) and enforcement proceeds will follow the Amended Intercreditor Agreement, with the Cargo Prepayment Facility ranking first, followed by the Extended Notes (pari passu with permitted senior secured hedging), and then the Glencore Junior Notes. In all other cases, the Extended Notes (pari passu with any permitted senior secured hedging) rank ahead of the Cargo Prepayment Facility and Glencore Junior Notes. Any surplus proceeds would be available for distribution to shareholders."

Aren't the bondholders forcing Tullow to sell themselves?

Possibly.......but FWIW Brent "spot" is currently about $120/bbl below Tonyb33's guesstimate for the next cargo price.

It doesn't happen often that offload timings coincide. The VLCC that collected a cargo from Jubilee the other day is now taking on another one at TEN. So someone is getting 1.95m blls. Since I no longer follow TEN cannot say who but if it's Kosmos they may mention it on their webcast.

No worries B2000 keep them coming. If anyone's booking a holiday make sure you have adequate travel insurance to cover "we've got to fuel" flight cancellations.

Barnety2000,

(i) most of TLW's cargos's go to China

(ii) wasn't aware that TLW owned an oil refinery in W. Africa.

The jet fuel from WA is probably coming from Dangote Refinery in Nigeria. In short, whilst interesting it makes no difference to Tullow.

J🤡 is a bit like a scratchy old analogue vinyl LP. They get stuck in a groove and repeatedly ask the same Q even though the Q has been answered on here many times before!

It's an interesting choice to do that!

Apologies Jmax I'm using my phone the "how you managed to sell at £43" wasn't meant to be in post

I guess B2000 unblocked you. We can do that you know! Filter someone. Then un-filter them. It's not the gulag :)

Your posting record shows you saw no reason to sell FRES at £43 or whatever as you didn't agree that it was overvalued. However when a crash occurred 18 hrs after that post you then wrote you saw the crash coming! How you managed to sell at £43

JMAX @ 4p SAM & AZV aren't buying

JMAX @ 5p SAM & AZV aren't buying

JMAX @ 6p SAM & AZV aren't buying

JMAX @ 7p SAM & AZV aren't buying

JMAX @ 8p SAM & AZV aren't buying

JMAX @ 9p SAM & AZV aren't buying

JMAX @ 10p SAM & AZV aren't buying

JMAX @ 11p SAM & AZV aren't buying

JMAX @ 12p SAM & AZV aren't buying

JMAX @ 13p SAM & AZV aren't buying

JMAX @ 14p SAM & AZV aren't buying. hmmmm..... Not working😟 let's try another troll 🎣

JMAX @ 15P KOS have far better and more diverse assets than TLW

Hmmm.... (sorry) that's twice LSE has done a double post on 1 "post message' click.

Sunseeker used to be nice but have become a bit naff in recent years due to uncaring owners (since sold out). You'd be better off with an Azimut or Ferretti. Monaco?..... Maybe buy a few more TLW shares and aim for a Riva Aquarama.

Sunseeker used to be nice but have become a bit naff in recent years due to uncaring owners (since sold out). You'd be better off with an Azimut or Ferretti. Monaco?..... Maybe buy a few more TLW shares and aim for a Riva Aquarama.

Strange then that no-one is remotely interested (so far) in 'easily recovering' the alleged easily recoverable oil :)

Foresight22 - two Wells in Jamaica would cost at least $100m probably more with rig mobilisation etc. Anyway since no-one can be bothered to farm-in --- maybe Jamaica is a bit of a pipe dream? And with the benefit of hindsight drilling 'high impact basin opening wells' all over the planet was what got Tullow into this mess in the first place.

Tonyb33 - it's moved to here.

https://www.tullowoil.com/investors/results-reports-and-presentations/

I was intrigued by your previous comment thinking you'd seen a video webcast (which they usually do) and you'd somehow been able to read RM's notes. Doh! Ok got it! It's a reference to slide 9 but i think the date is in relation to the hedging graphic on the left of the slide "As of 21 April 2026 Percentages represent % of volumes protected in each period"

Sam is an octogenarian. He's probably content with what he has.