Tullow Oil (TLW LN, BUY, T/P 253p) - Update | Weakness seems excessive
Tullow’s share price has fallen nearly 15% in the last week, vs a fall in the FTSE All share Oil & Gas index of 3.5% and FTSE ALL Share index of 2%. We take a quick look at a few factors that make be spooking the market. As with any oil company, there are risks, but we believe Tullow’s share price has not fully reflected the improved cash generation position, and lower oil price risk that we had at the beginning of the year. We remain BUY.Tullow Oil is an independent oil and gas exploration and production company. Co.'s focus is on finding oil in Africa and South America. Co.'s primary activities include targeted exploration and appraisal, selective development projects and growing its production. As of Dec 31 2017, Co.'s portfolio included 90 licences in 16 countries. Co.'s operations are organized into three business delivery teams: West Africa; East Africa; and New Ventures. As of Dec 31 2017, on a working interest basis, Co. had commercial reserves of 245.7 million barrels of oil, 268.90 billion cubic feet of gas, and 290.5 million barrels of oil equivalent (petroleum).
Whitman Howard is an independent institutional stockbroking and investment banking business focused on servicing the needs of our corporate clients and institutional investor base.
The company began trading in 2011 with a team of highly experienced market professionals and the goal of building a leading capital markets business in an entrepreneurial environment.
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