Company
LON:TLW
Tullow Oil PLC is a leading independent oil and gas, exploration and production group and is quoted on the London and Irish Stock Exchanges. The group has interests in over 90 production and exploration licences in 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.
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The US broker cut its stance for Tullow to 'hold' from 'buy' and reduced its target price to 155p, from 250p previously, pointing out that a refinancing in 2017 “remains a risk”
At 3.15pm, the UK benchmark index was down 64 points at 7,325, above the session low of 7,296.49 but still set for its worst week in nine months having dropped nearly 250 points in the last three sessions of the week
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Shell and Tullow Oil had their respective financial results out this week.
Tullow will start drilling a high-impact exploration well in Suriname later this year, and via seven separate seismic campaigns, the company is advancing its portfolio of prospects.
New Tullow boss Paul McDade struck a positive note and the oiler's figures undoubtedly show signs of improvement, though market conditions were still described as 'challenging' and debts, albeit reduced, amounted to US$3.8bn
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The recently-announced sale of Horlicks may be the sign of an increased focus on the drugs pipeline
Eco owns 32.5% of the Cooper licence (PEL0030), immediately south of PEL0037 where Tullow Oil (LON:TLW) has just farmed out 30%
Tullow and Cairn are both 'buys' whereas Genel Energy is seen as a 'sell'.
"I have reviewed our medium-term plans and remain satisfied that we are making the right investment decisions," said Paul McDade.
The index of blue-chip stocks closed around 22 higher at 7,446
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Week ahead: Dixons to show resilience, Bank of England maybe less so
Aussie broker Macquarie sees Brent averaging just over US$54 in the second-half, then US$49.33 and US$52.75 a barrel for 2018 and ’19 respectively
Exxon expects to start-up Liza by 2020, with the first phase development due to produce some 120,000 bopd.
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Some of the market moving oil and gas stories that appeared on Proactive this week
Originally a 1,000km 3D survey was planned but Eco and partner Tullow Oil have now agreed to increase this to the entire block area, or 2,550km
Deutsche repeated a ‘buy’ recommendation for Tullow, and set a new target price of 260p (down from 270p) which still suggests almost 30% upside to the current price of 201p.
"The Emekuya-1 exploratory appraisal well has made an important discovery in the northern part of the South Lokichar Basin,” said Angus McCoss.
The FTSE 100 index closed up 68.94 points at 7,523 - a new record high
The appointment of Angus McCoss comes ahead of a new exploration campaign offshore Ireland, targeting high impact prospects in the Atlantic Margin off Ireland's west coast.
The UK blue chip index closed at 7,454, below the new intra-day peak of 7,460.20, but above the previous high of 7,447 hit in March
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A look back at the week’s highlighted news for junior oilers
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A glance at some of the stories on the Proactive newswire today
Tullow is sticking to its current guidance of 78,000 to 85,000 bopd for 2017.
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Day ahead: BHP Billiton, GlaxoSmithKline, Proactis...
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A glance at some of the stories on the Proactive newswire today
The cash call sees Tullow hit financial reset, and puts growth projects back on the agenda.
Exxon has now made its third discovery in the acreage next door to Eco's acreage offshore Guyana.
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A look back at the week’s highlighted news for junior oilers
Of the 19 analysts logged as following Tullow by the Brokerforecasts site, 12 are in the ‘buy’ camp.
“The decision to raise funds at this stage may come as a surprise and should prompt questions as to what has changed in 1Q17 to prompt this action now?”
Analysts at VSA Capital Research have reiterated a 'buy' rating on Eco (Atlantic) Oil & Gas, saying it expects the company to benefit from Tullow's rights issue
WH Ireland says the recapitalisation means it is Tullow that retains flexibility rather than the banks.
It is a hugely dilutive move but will provide the reset need for Tullow Oil's balance sheet to support new investment in growth projects.
Investments and investor services
FTSE 100 stocks closed at a record high on Friday for a second successive session, after making a fresh intraday peak, and a good way for equity investors to end the week
The explorer has solid partnerships, high-impact prospects and the London IPO bolstered the group’s finances.
FTSE 100 stocks ended on a high on Tuesday after rangebound trading for much of the session, with engineers leading light gains
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Rather than give the annual State of the Union address, Trump is instead going to give a speech to both parts of Congress - the Senate and the House of Representatives – which is quite normal for first-year presidents.
Investments and investor services
FTSE 100 shares were dragged lower by banks such as HSBC and RBS on Tuesday
Investments and investor services
The FTSE 100 ended flat on Monday as Unilever shares sank in the wake of Kraft Heinz saying it had abandoned its proposed merger which would have been one of the biggest in corporate history
Placed at 16p the stock was changing hands for 18.5p by 8.30am.
Oil production, which averaged 65,500 barrels a day in 2016, is expected to come in at between 78,000 and 85,000 barrels a day this year.
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Glaxo is the next pharmaceuticals giant to update the market and it will probably be a familiar story of increased competition from generic versions of its blockbuster drugs.
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BP could please on Thursday as its recent quarterly updates have proved a little disappointing. GlaxoSmithKline will unveil its numbers Wednesday.
“Hurricane offers 82%+ upside to our target price from the current share price, and has the clearest near-term tangible value creation opportunities, in our view.
A Sound Energy triple and the latest developments from North Sea oiler Hurricane Energy bookend this week’s highlights.
Exploration director Angus McCoss describes the latest find onshore Kenya as an "exciting and bold discovery" as it unlocks a new area, in the northern portion of the South Lockichar basin.
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88 Energy now sees 1.5bn barrels of conventional oil resources in Alaska, while SDX Energy has snapped up Circle Oil’s Egypt and Morocco assets
It already agreed a US$900mln divestment this week, but it is speculated that another of Tullow Oil's growth projects be sold to alleviate uncertainty over its near US$5bn debt pile.
The company told investors that its output in West Africa was in-line with recent guidance during 2016, but in 2017 output will be less than prior expectations.
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Sainsbury has continued to be a laggard in the supermarket sector, with the latest till roll data from Kantar Worldpanel released today showing its sales declining by 0.1%.
Whilst the upfront cash payment doesn’t address too much of the debt, City analysts say the other element of the deal helps de-risk the group.
The FTSE 100 index has closed at a record high for the ninth day in a row on Tuesday, the longest such stretch in history, as the bourse got a boost from a weaker home currency
Analyst Mark Wilson says that exploration success or failure is one of the main factors that see stocks deviate from the commodity price trend.
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The first week back brought little in the way of news but there was plenty of analyst coverage across the sector.
Given Next’s disappointing update this week, news from Marks and Spencer and Primark-owner Associated British Foods could send the most shivers through the sector.
Hurricane is coming off a very successful 2016, but hopes are high for 2017 as well.
FTSE 100 and small-cap stocks ended at fresh record highs on Tuesday, the first session of 2017, after being buoyed by higher Wall Street on bullish US factory data, 18-month high oil prices and even bumper Chinese data
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A looks at the weekly news from the oil and gas small cap sector
Goldman’s sell rating comes with a 221p price target, suggesting Tullow is about 30% too expensive by the US bank’s estimation.
Numis said: “Tullow remains (one of) the market’s preferred ways to play the oil price, however, after recent strong performance we believe the shares have run ahead of themselves”
The futures market is now assuming an oil price very close to Goldman's projected long-term value of US$60 a barrel
Investments and investor services
FTSE 100 shares closed near their highest point of the session on Tuesday, but no thanks to spread-betting stocks after the UK’s top regulator proposed stricter rules for the sector
FTSE 100 shares almost wiped out their gains on Wednesday after an “on paper” deal was struck by OPEC members to cut oil supply by 1.2mln barrels a day
Investments and investor services
UK stocks ended higher on Tuesday but off their day’s best as speculation mounted over a December US rate hike
Tullow's partner banked nearly half a billion from a farm-out earlier this year, and Numis says a similar deal could help Tullow fix its balance sheet.
The company said that start up problems at a new field were to blame.
So … who’s already pencilled into the schedule for Wednesday?
London's FTSE 100 closed sharply lower on Wednesday as Standard Chartered topped the losers' list for a second successive session, while markets grew jittery about a possible Donald Trump electoral victory
Tullow owes some US$4.7bn following the TEN field development, but as the new project ramps-up the company is due to generate free cash flow and next year it will look to refinance.
Analyst David Mirzai said: "the oil price has strengthened during the last few weeks, but that should not mask the operational progress that has also enhanced group liquidity over the period.”
A look at some of the significant compnay news stories today, including from the small cap sector
Morgan Stanley’s Rats highlights that Tullow is now close to turning cash flow positive and its debt levels are falling.
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“Our key concern is that cash generation does not support [the] valuation,” the Wall Street investment bank said.
Oil & gas and mining stocks have survived the 'Brexit' fallout largely unscathed
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Some early broker stances and target prices on Thursday
Builders and building materials
London blue-chip shares closed Wednesday at a more than one-year high, AIM paper had its best level in over two years, and mid-caps briefly beat pre-Brexit levels
Shares in GSK rose 25p, or 1.5%, to 1692p after it reported a 4% rise in group sales to £6.5bn
Investments and investor services
The FTSE 100 Index rose 16.8 points to 6740.83 as second quarter UK GDP growth rose
Maker of iPhone likely to report slower device sales although services are tipped to have done well
The first of the big companies reports on Tuesday when BP PLC (LON:BP.) issues a trading statement
The first half for what's called 'inbound M&A' has been fairly slow, but the dynamics are now changing.
A first look at some of the notable market movers on Wednesday
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The round up of this week's news from the world of oil.
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Brokers were mixed in their outlook for media companies, with Liberum taking a particularly bullish view on the sector
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Henderson Group and Tullow Oil were both downgraded by brokers on Thursday
The explorer and producer expects TEN project to achieve first oil in next three to six weeks
Here, we take a look at some of London’s high profile oil stocks on most investor’s watch lists as the recovery in crude prices near US$50 per barrel.