Tullow Oil (TLW LN, BUY, T/P 256p) - Operational update
Tullow Oil released its November operational update this morning. Production guidance for 2017 has been increased, in part due to good performance from TEN and Jubilee, but also in part due to the deferral of remedial work on Jubilee into 2018. Expected FCF of c$0.4bn in 2017 and net debt of c$3.6bn look inline with our forecasts.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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