I always find when the results are good and in the newspaper the next day, the share price will tick up, even with modern communications. Most people in the oil industry will tell you that this was one of the worst downturns. Tullow has learnt a lot, and come through it leaner and stronger.
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By Ian Walker
Tullow Oil PLC (TLW.LN) on Wednesday raised its full-year West Africa production guidance following strong production performances from the TEN and Jubilee fields in Ghana.
The independent oil & gas, exploration and production group now expects to produce 85,000 to 89,000 barrels of oil per day from West Africa, compared with previous guidance of 78,000-85,000 barrels of oil per day.
It didn't say how the fields have been producing to date, but at the time of its first-half earnings in July Tullow said West Africa net working interest oil production averaged 81,400 barrels of oil per day.
Tullow is keeping 2017 gas production guidance from its European portfolio at 5,500 to 6,000 barrels of oil equivalent per day. It said that production will be adjusted to reflect the sale of its Netherlands portfolio to Hague and London Oil once the deal completes later this month.
Tullow has also lowered its capital expenditure guidance to $0.3 billion, and said it expects free cash flow of around $0.4 billion for the year.
Write to Ian Walker at [email protected]; @IanWalk40289749
At last, the corruption around Saudi Oil has surfaced, despite being blatant for decades. My guess is that the fiddling was so extensive that the Aramco figures just wouldn't add up unless it was tackled. Civil unrest is bound to erupt unless the masses are satisfied that enough of the cash has been recovered but will investors, who are being asked to stump up massive amounts of cash, trust the secrecy around the books enough to risk it without being sure that it isn't being syphoned off for fast cars, drugs and parties? Will be interesting to watch. What will the Saudis do if they can't raise the cash to keep going?
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The Rig count is the thing that could derail the upward trend of crude oil.It is a very crude statistics,some shale wells will only produce 200 barrels a day others 10 times that. The market likes to use it when they wants to keep oil down...........If it does show a build, it will only slowdown the inevitable.
When individual shorts reduce in this situation the reason is clear. When they increase, not so clear. An increase in the position could be a genuine short term short speculation or it could be forced selling to restrain the price because order book shenanigans aren't working. Given the increase in the price today on high volume, my guess is the latter. Also expect more of that false downgradings and pessimism. TLW is OK at the current oil price and can be expected to be consolidating its position with carefully considered hedging.
Costs and lost revenue to be covered by insurance. All other production should benefit? At 26 dollars a barrel this was at 116 pence. Now at 61 and sp is 188 pence... Bad timing yet again with latest company rns to extinguish seeds of positivity... 'Something is rotten in the state of Denmark...'
Jubilee turret stabilisation. Production off line for around six weeks. So not enjoying the Brent rise that much. Tullow SP to move up end of December providing they do the re-determination with the banks. They have to demonstrate where $500M in debt reduction is coming from after free cash flow expenditure.
Elon Musk has released some photos of his tunnel that is being dug by his Boring company under L.A.......... NOT BOEING as some reports name. They look like photos of an old mining tunnel.. There is some much wrong with this I have not got the time to explain.You have go to give him credit the way he can get million in subsidies and fool the media.
Just can't help thinking they found a few rigs to break the downward trend......." Let's count that old rig down by Ma Bakers that has been cannibalized for parts".........Oil has to prove itself, then the share price of oil company's will follow.......... It's a waiting game.
There is not that much oil out there, left to find. The west coast of Ireland was thought of as "The New North Sea" in terms of oil, that is not working out. All the big fields from Mexico to the North sea are losing production. If it was not for shale the world would be in a lot of trouble. If you read up on Shale, thing are not all that rosy...
A wildcat exploration well isn't significant except in the positives and the data it provides for future drilling All part of the business but It provides an opportunity to take advantage of those who don't understand that. At least it might help reduce those short positions even further though. Price down on low volume and more buys than sells so far.
There will be some fight on tomorrow to keep Brent under $60.........Their will be stories about how every country from Albania to Zambia will only be selling E.V. by the year 202?....Fair play to the Kenyan people for keeping there cool.......There is nothing worst than seeing politicians stir up hate and then standing back.
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