|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||2.9300 - 3.0900|
|52 Week Range||2.0900 - 3.5200|
|Beta (3Y Monthly)||1.09|
|PE Ratio (TTM)||32.04|
|Forward Dividend & Yield||0.05 (2.04%)|
|1y Target Est||N/A|
Tullow Oil plans to drill three or more oil exploration wells in Guyana next year, Chief Executive Officer Paul McDade said on Monday after the firm's second offshore oil discovery in the South American country. Tullow shares were trading more than 8% higher at 16:30 GMT (12:30 p.m. EDT), also supported by a sharp rise in crude oil prices following a weekend attack on Saudi Arabia's production facilities. Guyana has no history of oil production, but a series of offshore discoveries in recent years by Tullow and Exxon Mobil are set to transform the South American country's economy.
● Airbus led the explorers lower on reports that the World Trade Organization had formally approved a US request to impose tariffs on some European goods, the latest chapter in a 15-year tit-for-tat dispute over aircraft subsidies. The settlement panel on the Airbus-Boeing dispute had sent a confidential ruling to the European Commission and the US Trade Representative that gave the US the right to impose “punitive tariffs” on EU products “from cheeses to Airbus planes and parts”, Politico reported. The WTO still needs to rule on an Airbus counterclaim that Boeing was being supported by subsidies from the US government, which is running six to nine months behind Boeing’s claim against Airbus.
France’s Total, UK-listed Tullow Oil and the China National Offshore Oil Corporation jointly control three oil blocks in Lake Albert, a giant stretch of water on Uganda’s border with the Democratic Republic of Congo.
Total SA has suspended its planned $3.5 billion crude export pipeline from Uganda to Tanzania after the collapse of a deal to buy a stake in Tullow Oil Plc's oil fields in Uganda.
* Eco Atlantic and Tullow have started drilling a new exploration well in Guyana's offshore Orinduik block, where they made a discovery with partner Total this month. * "The well will take approximately three weeks to drill," Eco said of the Joe-1 well, drilling of which began on Aug. 25. * The new well is the second of Eco's two-well drill programme for Guyana this year and the company is fully funded for a further six potential exploration, appraisal or development wells on the Orinduik block, it said.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Tullow Oil plc and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Investors, they argue, are giving Tullow little credit for its prospects in East Africa. “We would argue that there is little value being assigned to East Africa in the stock price,” a Barclays report says. Certainly compared with much larger rivals, Tullow looks cheap.
Tullow Guyana B.V. and partners Total E&P Guyana B.V. and Eco Atlantic Oil & Gas Ltd. have started drilling its first exploration well on the Jethro-Lobe prospect offshore Guyana.
Canadian-listed Eco Atlantic said on Wednesday it was not aware of any corruption probe in Guyana that would affect an offshore concession it has with partners Total and Tullow Oil. Guyana's anti-corruption agency launched an investigation into how exploration rights were awarded for Guyana's offshore fields, Bloomberg reported last month. Officials in Guyana have not responded to Reuters requests for comment.
* Partners Tullow Oil, Total and Eco Atlantic have chosen the "Joe" prospect for a second well in their much-watched Orinduik oil and gas field off Guyana's coast, Eco said on Friday. * Eco earlier this month increased the estimate for the field to about 3.9 billion barrels of oil equivalent, a third more than announced in an estimate released in September. * "Joe is a 150 million boe (P50 – best estimate) Upper Tertiary target which has a 43.2 percent chance of success... Net cost to Eco for its 15 percent working interest in the Joe Well is expected to be approximately $3 million," Eco said.
Project partners Tullow, Total and Eco Atlantic Oil & Gas Ltd. have selected the Joe Well as the second exploration well in the 2019 Guyana offshore drilling program.
Kenya's president signed on Tuesday a long-awaited petroleum bill into law to regulate oil exploration and production and outlining how revenues will be shared between the government, local communities and companies. Tullow Oil and its partner Africa Oil discovered commercial reserves in the Lokichar basin in 2012. The companies are working towards a final investment decision (FID) by the end of this year.