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Tullow Oil

December 2019

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • TLW
  • Price:
  • 148p
Tullow has shocked investors with the announcement that gross production in Ghana is forecast to be around 151,000 barrels oil per day (down from the previously expected 180,000) and net production for the group should now be c.87,000 bopd from the previous range of 89-93,000. This reflects technical issues constraining water injection and gas handling, albeit these should be rectified “early 2020.”Worse still, Tullow has stated that the two recent discoveries in Ghana, Jethro and Joe (previously forecast to add 173m barrels net to reserves), are now considered to have “heavy crude oil with high sulphur content” (12 degrees API and c.5% sulphur), which suggests these are no longer commercial according to Jef ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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