|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||2.6425 - 2.6425|
|52 Week Range||2.0900 - 3.5200|
|Beta (3Y Monthly)||0.94|
|PE Ratio (TTM)||44.79|
|Forward Dividend & Yield||0.10 (3.67%)|
|1y Target Est||N/A|
The probe is broad in scope and is at an early “investigatory stage,” Clive Thomas, director of the the State Assets Recovery Agency, said in an interview in the seaside capital of Georgetown last week. The Stabroek, Kaieteur and Canje blocks, all operated by Exxon, will be part of the inquiry, as well as Orinduik operated by Tullow, he said. The investigation pits the administration of President David Granger against the previous government headed by Donald Ramotar, who left office in 2015.
European markets gave back much of Tuesday’s gains as strong earnings elsewhere could not offset oil companies’ retreat. How did markets perform? The Stoxx 600 (XX:SXXP) was down 0.1% to 390.9, after rising 0.
* 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.
Kenya's president signed on Tuesday a long-awaited petroleum bill into law to regulate oil exploration and production, and which outlines how revenues will be shared between local communities and companies. ...
Norway's trillion-dollar sovereign wealth fund, the world's biggest, will sell its stakes in oil and gas explorers and producers but still invest in energy firms that have refineries and other downstream activities, according to a government plan. The proposal announced on Friday said the fund's stakes in integrated companies, such as Royal Dutch Shell, ExxonMobil and other majors involved in everything from exploration to selling fuel at the roadside, would not be sold. The state, which has built its wealth on the back of North Sea oil and gas reserves, also has no plan to sell its direct stake in Norwegian energy firm Equinor or its direct holdings in Norwegian oil and gas fields.
A deal with local Kenyan authorities that would allow Tullow Oil to pump water to pressurise oil wells, crucial for a final green light for the country's only oil project, may be slightly delayed to the third quarter, a Tullow executive said on Friday. Tullow, with partners Total and Africa Oil, is working towards a final investment decision (FID) by year-end and said last week it had hoped to conclude the deal on water supply with the authorities in the second quarter. "I would probably realistically put it more for Q3 in terms of landing that agreement," Tullow's Kenya Managing Director Martin Mbogo told Reuters, referring to the deal organising the way Tullow can tap a body of water straddling two counties in northwestern Kenya.
Tullow, which employs a number of EU nationals in the UK, says its board is concerned about the uncertainty that a No Deal Brexit would cause these 'much-valued members of staff'.
As flagged in November, Tullow will pay out at least $100 million to shareholders from this year, while aiming to shrink its $3.1 billion debt and increase spending to $570 million. The largest chunk of that money will help increase output in Ghana, which sets Tullow on course to raise output to 102,000 barrels of oil equivalent per day (boed) this year from 90,000 boed. Tullow made a post-tax profit of $85 million on $1.9 billion in revenue last year, buoyed by higher oil prices and cost discipline.
A delay in receiving payment from the sale of a stake in Ugandan oilfields caused Tullow Oil to miss cash flow and debt forecasts on Wednesday, although the firm said it expected to receive the money soon and also forecast higher production. The Africa-focused company said it expected production to grow to between 94,000 and 102,000 barrels of oil equivalent per day (boed) this year from 90,000 boed last year, as it increases output in Ghana. Tullow had previously expected around $208 million from selling part of its stake in Ugandan oilfields to come in before the end of 2018, but the timeframe slipped, hitting its free cash flow and debt reduction plans.
Moody's Investors Service ("Moody's") today affirmed Seadrill Partners LLC's (SDLP) corporate family rating (CFR) of Caa2 and probability of default rating (PDR) of Caa2-PD. Concurrently, Moody's affirmed the Caa2 rating on the $2.9 billion senior secured term loan due 2021, borrowed by SDLP's subsidiaries Seadrill Operating LP and Seadrill Partners Finco LLC, and the B1 rating on the $100 million first out secured revolving credit facility (RCF) due 2019, borrowed by Seadrill Operating LP, Seadrill Partners Finco LLC, and Seadrill Capricorn Holdings LLC, also a subsidiary of SDLP.
UK oil explorer Tullow Oil (TLW.L) is seeking partners in a bid to acquire a new oil block in Ghana which launched its first oil bidding round in October, the company's managing director Kweku Awotwi said on Thursday. Tullow is already lead operator of two oil fields in Ghana including its flagship offshore Jubilee field, with cumulative output currently at around 160,000 barrels per day, Awotwi told reporters in Accra. "We are looking for both local and international companies to partner with in the bidding rounds and we've spoken to a number of them," he said.
Africa-focused Tullow Oil will return to paying dividends, which it suspended in 2015 due to the oil price crash, and expects to pay out at least $100 million from next year, with an option for a special dividend for this year, it said. Tullow forecast its net debt would drop to $2.8 billion by the end of the year and slightly raised its full-year free cash flow to $700 million earlier this month, helped by trimming its capital expenditure. Tullow has around 1.39 billion outstanding shares, according to Refinitiv Eikon data, implying a dividend of at least around $0.07 per share.