Key Developments: Tullow Oil PLC (TLW.L)
1,021.00GBp
4:47am EDT
-19.00p (-1.83%)
1,040.00p
1,021.00p
1,031.00p
1,020.00p
165,405
2,254,016
1,531.00p
931.00p
Latest Key Developments (Source: Significant Developments)
Tullow Oil PLC Receives Judgment In Its Favour In Proceedings Against Heritage
Tullow Oil PLC announced that Tullow Uganda Limited, its Ugandan subsidiary, has received judgment in its favour in the proceedings against Heritage Oil and Gas Ltd and Heritage Oil Plc (together 'Heritage') in the High Court in London (Case No: 2011 Folio 471). In 2010, Tullow agreed to acquire Heritage's Ugandan assets pursuant to a Sale and Purchase Agreement (SPA). The Uganda Revenue Authority (URA) designated Tullow Uganda Limited as agent in relation to this transaction which required Tullow to pay, on Heritage's behalf, US$313 million to the URA. This sum was the outstanding Capital Gains Tax that the Ugandan Government claimed from Heritage in respect of the transaction. Tullow sought an indemnity from Heritage under the SPA in respect of this US$313 million payment to the URA. Full Article
Guyana Signs Offshore Oil Exploration Deal With Spain's Repsol SA; Repsol SA To Partner With Tullow Oil PLC-Reuters
Reuters reported that Guyana's government signed an agreement giving Repsol SA rights to explore for crude off the South American nation's coast. The Company signed a four-year deal to explore the Kanuku Block, an area approximately 6,525 kilometers (4,055 miles) that is about 100 miles (161 kilometers) off Guyana's coast. Repsol SA will be partnering with Tullow Oil PLC and expects to complete a well by 2015. Full Article
Africa Oil Corp and Tullow Oil PLC Announce Etuko-1 Well Spud in Kenya
Africa Oil Corp announced that its partner Tullow Oil PLC, the operator of Block 10BB in Kenya, has commenced drilling at the Etuko (formerly Kamba) prospect. This well will target a new play area in the Lockichar Basin where a working petroleum system has been confirmed by recent discoveries at Ngamia and Twiga. The primary objectives will be the Lower Lokhone and Auwerwer sands, both of which have been shown to be high quality reservoirs containing oil in existing wells. The gross best estimate of prospective resources for the prospect are 231 million barrels of oil based on a third-party Competent Person’s Report. The well is expected to take approximately 60 days to drill and evaluate. Full Article
INPEX CORP's Subsidiary to Acquire Mining Interests from Subsidiary of Tullow Oil plc
INPEX CORP announced that its subsidiary will acquire 30% interests in a mining area located in Uruguay, from a subsidiary of Tullow Oil plc. After the transaction, Tullow Oil subsidiary will hold 70% interests and the Company's subsidiary will hold 30% interests in the mining area. Full Article
Bridge Energy ASA Announces PL511 Mjosa Exploration Well Spud Jointly-Owned by Wintershall, Bridge Energy, Maersk, Petoro, VNG and Tullow Oil PLC
Bridge Energy ASA announced that the drilling of exploration well 6406/6-3 has commenced. The well will target the Mjosa gas prospect, which is located 10 kilometers northeast of the Linnorm discovery within the Haltenbanken Area of the Norwegian Sea. The well is being drilled by the Transocean Arctic semi-submersible rig and is targeting Lower and Middle Jurassic reservoirs. The estimated unrisked mean potential targeted by the well is 14 million barrels of oil equivalent (mmboe) net to Bridge. Bridge has a 7.5% interest in the well. Wintershall is the operator with 25%, and the other partners are Maersk (25%), Petoro (20%), VNG (12.5%), and Tullow Oil PLC (10%). Full Article
Tullow Oil PLC's Subsidiary Announces Sale of Tullow Bangladesh
Tullow Oil PLC (Tullow) announced that the Company through its subsidiary, Tullow Oil International Limited has signed an agreement with KrisEnergy Asia Holdings BV, a subsidiary of KrisEnergy Asia Limited, for the sale of 100% of the share capital of Tullow Bangladesh Limited (TBL). The consideration is $42.35 million with an effective date of January 1, 2013. Full Article
Tullow Oil PLC Announces Final Dividend
Tullow Oil PLC announced that the Board intends to maintain the final dividend payment of 8.0 pence per share, bringing the total payout for the year to 12 pence per share. Full Article
Tullow Oil PLC Completes Acquisition of Oil Exploration Portfolio in Norway
Tullow Oil PLC announced that it has completed the acquisition of Spring Energy Norway AS exploration portfolio. Full Article
Tullow Oil PLC Issues FY 2012 Revenue Guidance Below Analysts' Estimates-Conference Call
Tullow Oil PLC announced that for fiscal 2012, it expects total revenue to be $2.35 billion (2011: $2.30 billion). According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $2.43 billion for fiscal 2012. Full Article
Tullow Oil PLC Issues FY 2013 Production Guidance
Tullow Oil PLC announced that production guidance for fiscal 2013 will be in the range of 86,000 to 92,000 boped which includes all gas assets currently held for sale. Full Article
UPDATE 1-Tullow says Ghana approves new offshore oil project
LONDON, May 30 - Explorer Tullow Oil said on Thursday Ghana had given the green light to a second major offshore oil development, paving the way for production to start on the $6 billion project in three years' time.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
