Tullow Oil may make writedowns as it moves away from exploration and focuses on East Africa projects November 12, 2014 Tullow Oil has announced plans to tighten expenditure next year, and it warned investors that it may make a series of writedowns, amid tumbling global oil prices. The oil and gas producer said it will shift its focus away from exploration and towards maximising core assets. It will be looking at the potential of existing [...]
Tullow Oil abandons dry well in North Sea July 21, 2014 Tullow Oil, the fourth-largest London-listed energy explorer, yesterday said it will plug and abandon a well in the Norwegian North Sea, after failing to strike oil. Tullow operates the well and owns a 60 per cent stake. “This will not reassure investors following the $415m (£243m) exploration write-off announced by the company in July,” said [...]
Tullow Oil to abandon another dry exploration well in Ethiopia July 14, 2014 TULLOW Oil, the fourth-largest energy company listed in London, yesterday said it will plug and abandon a well in Ethiopia after failing to strike oil. “We have now drilled two independent wildcat wells in the Chew Bahir Basin, neither of which encountered commercial oil,” said exploration director Angus McCoss. “Having gained valuable data… we look [...]
London Report: Shares close down despite dovish ECB and Tullow’s gains April 3, 2014 BRITISH blue-chip shares edged lower after testing a three-week high yesterday, as the end of a two-week rally in mining shares offset gains by Tullow Oil. The session proved volatile, however, with gains made in the afternoon after European Central Bank president Mario Draghi said that action will be taken if the currency union suffers [...]
Tullow refutes takeover talk after dry spell February 12, 2014 TULLOW Oil’s chief executive yesterday denied that the energy explorer had become a takeover target, after a swathe of exploration write-offs led to a 72 per cent drop in full-year profits. The FTSE 100-quoted firm reported pre-tax profits of $313m (£189.5m), down from $1.12bn the previous year, hit by a $200m increase in exploration write-offs [...]
Tullow climbs on new Kenyan oil discoveries January 15, 2014 FTSE 100-quoted Tullow Oil’s share price edged up yesterday, after mixed updates unveiled new discoveries in Kenya alongside mammoth exploration write-offs that startled analysts. The oil explorer said it made “significant oil discoveries” at the Amosing and Ewoi wells in Kenya and updated its estimate of discovered resources in the basin to over 600m barrels [...]