(TLW.L) Tullow Oil PLC Buy/Sell

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Author	revkev View Profile \| Add to favourites \| Ignore
Date posted	2009-11-05 15:34
Subject	From Davys
Opinion	Strong BUY
Votes for this Posting	Has no votes for or against.
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Price 1210p Rating: Outperform Issued: 30/06/09 Reports indicate that a senior Tullow manager has given a very strong indication that a deal involving its Uganda licence will be complete within three months. Comments indicate that there is no preference for either a western or Chinese bidder and that the scale of the project had attracted the largest companies in the industry. The Ugandan state had so far remained silent on its preferred partner. The issue of the Kosmos sale of its stake in the Jubilee Field offshore Ghana could be resolved before the end of the year with a strong hint that the Ghanaian state is looking for a particular solution (which we take to mean group structure). Separately, it has also become clear that the Odum and Tweneboa appraisal wells offshore Ghana will commence before the end of the year and not Q1 as formerly expected. Tweneboa in particular will be closely followed given that expectations for its size have begun to move
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