Member Info for xxnjr

(a) High Court dispute with Vallourec

On behalf of the Group and Tullow's Jubilee field joint venture partners, Tullow Ghana Limited is claiming from Vallourec Oil and Gas France ("Vallourec") losses of approximately £256 million, arising from the supply by Vallourec of defective tubular goods, which Tullow believes constitutes a breach of contract from which Tullow Ghana and the Jubilee field joint venture partners have suffered loss. A preliminary issues trial took place in the Commercial Court on 20-22 May 2025. The parties await the judgement on the preliminary issue.

Tullow has hedged approximately 60% of its production entitlement for 2025 with a weighted average price of c.US$60/bbl. Tullow has a commodity hedging policy in place to ensure 60% downside protection for the calendar year ahead, while maintaining full upside exposure for no less than 60% of Tullow's forecast production entitlement. Tullow's commodity hedging policy further includes a target to deliver downside protection for 30% of production entitlement es, subject to credit line availability and market conditions. Currently, there are no commodity hedges in place beyond 2025.

The SSRCF Facility is to be prepaid in full immediately upon the occurrence of certain events, including the sale of Tullow Oil Gabon S.Aa and a change of control of Tullow.

3. Risks related to the Transaction not proceeding. If the Transaction does not proceed, the following risks and uncertainties may affect the Group's business, financial condition, results of operations and/or prospects: (a) Tullow may face risks associated with its funding position if Completion is delayed or the Transaction does not complete. If the Transaction is not completed, or the SPA is terminated, the Group will not receive any of the consideration payable in respect of it to accelerate deleveraging. This could potentially reduce the Group's ability to implement a holistic refinancing by May 2026 at the latest, and impact the Group's ability to obtain sufficient liquidity to cover the expiration of the revolving credit facility at the end of October 2025, if a holistic refinancing is not implemented by that date.

Has anybody bothered reading it yet? Doing that now. Will post anything that jumps out. For example

2. Risks related to the Group and following Completion, the Continuing Group. (d) The reduction in size of the Continuing Group may make it more difficult or more expensive to secure funding. The reduction in size and diversification of the Continuing Group may make raising funding more difficult or more expensive as the Continuing Group will not be able to use the Disposed Assets as collateral for future financing initiatives. The Disposed Assets are currently part of the collateral of the 10.25% Senior Secured Notes. This may result in a reduction of financing sources available to the Group, or a deterioration of the terms of financing sources, which may in turn result in a significant increase in the Group's financing costs.....

RNS. Kenya SPA signed.

I too own shares in both damofarl. It was a shame that Trump/Ofac suspended MAU's Venezuelan license. Tbh I wasn't really thinking MAU might at some point take a pop at SEPL. Market cap SEPL $1.35bn MAU $1bn (or net $1bn - 20% of SEPL $270m =$730m). SEPL seems more under valued and would seem to have more running room to grow reserves organically vs MAU although I agree MAU has access to lower cost of capital which opens up opportunities. Maybe both will just keep growing independently. Seplat could indeed become a mighty oak if left alone. (My numbers could be wrong as I'm having a break under a tree in the middle of a walk in the middle of nowhere!)

Https://petrocom.gov.gh/eni-and-tullow-drill-new-wells/

Tman75 - I think Tullow have amended their contract with Noble drilling. Frankly I was surprised the rig was off Takoradi as normally the rig would drill the 2 wells scheduled (60 days each) and then depart after 120 days for it's planned class survey and thruster refit before returning in Jan 2026. It was only on location 59 days and now it's off Takoradi loading, or unloading supplies. Looking at "Drillships 7th Gen/ Noble Venturer" current and previous Fleet Status Reports

https://s201.q4cdn.com/439848451/files/doc_financials/2024/q4/FSR-021725-Rev-final.pdf

https://s201.q4cdn.com/439848451/files/doc_financials/2025/q1/FSR-042825-final.pdf

It seems Tullow have chopped one of the 2 wells. So rig is preparing to leave Ghana now one presumes? And just wild speculation on my part FWIW (probably not much!) the drill location of where it's been for the last 59 days looked pretty much identical to an existing well J-66P. Why? Haven't a clue as they have never gone in for drilling sidetracks before from existing wells. Probably barking up the wrong tree with that one. But deffo looks like a new well could be online soon.

There's a map here. Slide 4 of https://www.kosmosenergy.com/wp-content/uploads/2024/05/1Q-2024-Earnings-Slides-vExternal-1.pdf

Only 4 wells have been drilled into JSE according to Kosmos. 2 w/inj and the 2 prod wells as discussed in the Ghana MOF report.

Ok thanks Flavius. I had obviously missed a specific comment from the company that the JSE wells were underperforming. I appreciate they said J69 was a dud but that was drilled into Jubilee main field. Also that some "recent" wells were under performing as per Rahul's comments but I'd never seen them admit JSE was under performing. Apologies.

Have just been skimming through https://mofep.gov.gh/sites/default/files/reports/petroleum/2023-Reconciliation-Report-on-the-Petroleum-Holding-Fund.pdf a report I hadn't seen before. The 2024 report is yet to be published. Anyway p20 says ".......5. Production from the Greater Jubilee South-East (JSE) area of the Greater

Jubilee field commenced in July 2023. Within the period under review, three (3)

wells – two (2) oil producers and one (1) water injector – were brought online.

This increased the average daily crude oil production rate to over 100,000

barrels of oil per day in the month of September. However, a combination of

poor performance of JSE wells and insufficient water injection resulted in a

sharp decline in oil production. This was arrested by ramping up water injection

to about 260,000 Barrel of Water per Day(bwpd) to close out the year at about

89,000 Stock Tank Barrel per day (stb/d)."

Have we been told the JSE producers were performing poorly? I think not.....

(having also told us Gabon sale didn't really effect 2025 FCF)

The change to FCF forecast is a bit weird. On 25/Mar the 2024 Results Pres said "$100m of FCF at $70 brent" whereas the 22/May AGM trading update implied "negative $30m at $65" even though "w/int production was within the expected range for the period". $5 off brent does not equate to a minus $130m delta.

Rig now off Takoradi port taking on supplies. Moved after 58 days of drilling. Within the normal timeframe to drill and complete a jubilee well. Apparently the new producer is coming on stream 3Q? Maybe drill paired prod + w/inj wells then bring both on simultaneously? Sorry left guessing? Comms didn't tell us what the specific plan was!

Supercooper, yeah thats correct (new wells are, or should be lower GOR)

The issue is not whether there's quite a lot of oil in Ghana over the long term. More at what rate can it be produced at say over the next 5 yrs? and is that rate sufficient to convince bond holders (or whoever) to loan cash to refinance.

Supercooper - Not sure I understand your Q but the new wells are included by default as scf/bbl is based on the overall associated gas and oil production as reported by Petrocom monthly from all Jubilee wells. What I can say is in June 2021 GOR was 2,802 then the high producing early wells like J56-P and J-57P + w/inj wells were successful in reducing GOR to 2,400 by dec 2021, more wells reduced GOR in 2022 (all good) but it looks like later wells 2023/4 were less successful in containing GOR and/or increasing production in a lasting way. This is logical really as you'd drill the best wells first. GOR also tends to go up if you don't add new wells to Jubilee. What we were told was that in the period between the last drill campaign and new well due online this 3Q, was basically that increased water injection would increase reservoir pressure and mitigate decline, as would "optimisation" as had happened with TEN in 2024 (no new wells but production was OK). Instead we got more water than anticipated, (apparently) some by-passed oil and increasing GOR together with falling production. The 4D seismic analysis which (I think) will show the movement of oil, water, gas (if there is a gas cap?) over time cannot come too soon!

Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, will issue its Half Year 2025 Financial Results on Wednesday 30 July 2025.

At 1:00pm BST / WAT (London / Lagos) on Wednesday 30 July 2025, the Executive Management team will host a webcast to present the Company's Half Year Financial Results.

J Bond - That's basically the gist of my argument. Hence why I'm sitting on the sidelines until/if there's a successful refinancing.