ANALYST VIEWS | WHAT IS THE OUTLOOK FOR TULLOW IN 2012?

JONATHAN JACKSON KILLIK & CO
We remain positive on the company, which has an industry-leading exploration track record and has consistently created value for shareholders. In addition, we believe ownership of highly prospective assets leaves the group vulnerable to bid speculation in a consolidating industry.

TONY SHEPARD CHARLES STANLEY
The $2.9bn Ugandan farm-down has strengthened the balance sheet and will help Tullow to finance its high impact drilling plans. Furthermore, its exploration success continues with the most notable being the large basin Ngamia-1 discovery in Kenya. Our recommendation is ‘Accumulate’.

SANJEEV BAHL NUMIS
Tullow has taken the opportunity to tidy up balance sheet asset values. Of the $440m of write-offs, $80m of unsuccessful exploration was as expected after dry holes in Sierra Leone, Cote D'Ivoire and Tanzania. Tullow trades above the company's historical 15 per cent to 20 per cent premium. ‘Hold’.