Member Info for xxnjr

Just to illustrate how out of whack things are with Tullow. Let's compare Tullow to a company with similar debt levels, for example Galp Energia reporting 3Q25 today. 12 months ago Galp's Net Debt was euro1,471m - it's now e1,170m. 9M25 FCF generation was e1,143m, meaning 9M25 FCF gen is roughly equivalent to the current Net Debt level. 9M25 dividends paid e603m. 9M25 share buy backs e174m.

Similar debt level to Tullow but in 9MYTD Galp have returned e777m to their shareholders and reduced net debt by e301m at the same time they have invested in a new 220K bopd FPSO development in Brasil(c.25%) now on stream, as well as appraising a giant oil discovery in Namibia on the block next door to the one Tullow gave up for nought.

Not saying buy Galp (although it seems a decent long termer) just illustrating how sclerotic Tullow has become in comparison to others.

Rig is about to arrive in Takoradi. Will probably be loading stuff for about 4 to 7 days. Drilling should restart around turn of the month.

Well maybe but I've never really understood why modec would be willing to give up that amount of cash for nothing. Not withstanding that the lease on the fpso does have from about April 2027.

IIRC Kenya royalty is in a range of $20m to $40m annually as indicated by Tullow?, or zero if ave annual op

Jubilee cargo loading today. Interval 16 days meaning last 3 were 15/15/16 (46) previous 3 to that 15/15/14(44). All post new well. Previous 3 to that and the new well 14/16/16(46) May suggest effects of new well and/or decline elsewhere are gradually tapering off production so by the time the next well comes on at y/end the starting point could be where we were when the last well came on. It will be interesting to calculate the GOR value from Petrocom data for August (when released) to see if the new well has had any impact on that.

It will take a while for $55 WTI to slow down the US Shale patch, but once that happens taken together with under investment in replacing reserves elsewhere in the world for 'Net Zero' reasons then oil could be due a decent rebound in say late '26, or 2027? Not good news for Tullow as they need a rebound now.

Kosmos Energy will host Third Quarter 2025 Results and Webcast on November 03, 2025

There are a number of tankers in the area. We may have a loading starting tomorrow. That would be 16 day interval vs 15 for recent loadings.

Veering off subject a tad, more tankers are arriving these days with destination 'Jubilee' without ever taking on a cargo. Some seem to hang around for a few weeks then disappear. Haven't seen so many doing that before - possibly symptomatic of more "floating oil" at sea?

What on earth happened to Anton's knock out post from earlier today that showed JMAX's ave buy price was circa £2, or higher? Someone must have asked for it to be taken down. JMAX one presumes? If so - what hypocrisy? Paints one poster in a very poor light. I mean a poster spends months hounding another with "liar" and "what is your average buy price? LOL!" style on-line bullying comments and as soon as the tables are turned on them the post gets taken down. Thats bullying for you. They can dish it out in spades but cannot tolerate even the mildest rebuke. Anton you the winner :) The other one is forever diminished.

Dunno the maths behind that but it's probably something to do with the discount to par (18%), the number of days left to maturity (211) and accrued interest at maturity. e.g...... (18*365/211) + accrued interest??? Or something like that? Anybody know?

Yield Tullow Oil PLC 10,25% 21/26

Yield in % (last price) 54.2413

Yield in % (ask) 46.3917

Yield in % (bid) 53.1146

https://www.boerse-frankfurt.de/bond/usg91237ab60-tullow-oil-plc-10-25-21-26?mic=XFRA

Hello, I've been in Spain for a while. Back now. Doesn't look like I've missed anything! Doing a quick unfilter of Jtwat I see they are still writing rubbish mainly about other posters, personal attacks on others etc etc. Has to be the worst poster of all time? Just asking the Q! Probably explains why so few visit this forum these days as Jtwats peculiar posting content puts folks off? So back on filter.

News..... IDK if anyone else posted this but the rig "Noble Venturer" left the Hidramar facility a few days ago in Las Palmas after refit. Now due Takoradi 22/Oct. Next well will probably spud around end this month and come on stream about 60 days after that. In my view Total Energies unlikely to be interested in Tullow as Ghana is a mid-life to late life asset (Total only invest in top-quartile assets as these are the ones that will remain viable once peak oil demand has arrived whenever that may be). Back to sleep.

Https://businessday.ng/energy/oilandgas/article/why-totalenergies-860-million-asset-sale-to-chappal-energies-was-cancelled/

Wonder if Seplat might be interested now?

Actually JMAX may not have used the word "liar" but that is often the inference in many of their posts. Just stick to discussing Tullow!

"J🤡 hasn’t a clue

It’s all about telling you how it is when the news is out

I haven’t seen anything worth while reading on any 🤡 posts"

Completely agree with that. I can't recall seeing much if anything useful in the stuff that JMAX dumps on us. It's often utterly useless drivel seeming to tell us how clever they think they are. Never trust anyone who repeatedly calls others "liars"! Best to filter really given the extremely low level of the posts (IMHO).

Anyone who stands up in the AGM and says "As directors we aren't responsible for the SP of the company" (or words to that effect) has no place being the Chairman so the sooner he goes the better.

Meanwhile happy to confirm the FPSO to tanker offload mentioned yesterday is about to get underway.

It's on Slide 20 Seplat and AkerBP have similar 2P + 2C Reserves. Seplat has a 2X longer reserve life (admittedly at 251H production levels) but look at the EV's: SEPL $2.8bn AkerBP $20.6bn.

Rig has just executed what looks like a perfect 360 rotation. But the thrusters have to do more than that as dynamically positioned rigs are held in a fixed location by the thrusters when drilling a deep water well. More trials to follow.....

So the Noble Venturer went into the Hidramar facility in Las Palmas for amongst things (i) a routine Class Survey and (ii) one or more Thruster replacements. (II) must have been installed since the drillship is currently on "Sea Trials" according to Marine Traffic. So assuming the Class Survey didn't throw up any major safety/integrity issues and the Sea Trials are good then would imagine the rig is getting closer to being able to return?

Anton - could be wrong but I'm leaning more towards "mid 60's" rather than "higher end of mid 60's" as a rough guide.