BRENDA KELLY | IG
There has been a major pullback with Tullow over the past couple of years, so yesterday’s rise in share price came off quite a low base. The new discoveries are positive for the company but lower oil prices continue to weigh down on the stock. 2014 production guidance was a bit lower than our forecasts.
ALESSANDRO POZZI | BARCLAYS
Tullow’s trading statement highlights how the company’s exploration effort during 2013 has once again delivered over 200 million barrels of new resources to the group. This is further evidence of the breadth of the company’s exploration portfolio, which comes with a well-funded balance sheet.
LUCAS HERRMANN | DEUTSCHE BANK
Overall, this was a supportive update on Kenya with discoveries at Amosing and Ewoi supporting an increase in discovered resource to 600 million barrels of oil. Looking at the financials, 2013 revenue and production is broadly in line. The outlook for 2014 is a touch lower than our expectations.