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Tullow OilTullow Oil plc (Tullow) is an United Kingdom -based company engaged in oil and gas exploration, development and production and the sale of hydrocarbons and related activities. It operates in three geographical segments: Europe, South America and Asia; West and North Africa and South and East Africa. The Company has interests in over 100 production and exploration licences in 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

Tullow Oil is trading above the moving 50 day average and above the moving 200 day average on below-average volume.
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  • Re: An Opinion from Uganda by SilverSnout
    Wed, 23 Jul 2014 05:33:00 GMT

    Turn yourself in to PC Plod you rascal. ROFLMAO. By SilverSnout
  • Re: An Opinion from Uganda by brummell
    Wed, 23 Jul 2014 01:06:00 GMT

    No rush Kenk2, let him dig himself even deeper into his hole. Even when dismally wrong over the HOIL affair on just about every word he penned he had no shame. Everything he says on here is just singing someone else's tune. You won't silence him, that's how he earns his pennies. Wait till his mum finds out how he earns his crust though, then he'll be for it!

    X1/SS won't ant you to read the transcript and judge for yourself though so he is unlikely to give you a link to it (except perhaps after this post in order to try to save face). You can find a transcript here:


    Remember though, it is a tax tribunal, not an impartial court. This extract from section 6.4 says it all:

    "1.1 The Tribunal finds that Article 23.5 of the EA2 PSA was intended to cover capital gains tax.

    1.2 The Tribunal further finds that Article 23.5 of the EA2 PSA is invalid under the tax laws of Uganda and therefore the applicants are not entitled to an exemption from the payment of capital gains tax.

    1.3 The Tribunal also finds that the applicants cannot rely on the principle of legitimate expectation as their expectation was not legitimate"

    In other words, they don't deny the existence of a clause relieving TLW from some CGT liability, they have to admit to it but simply try to wheedle their way out of it by making up the rules. The odds are very strongly in favour of a win for TLW when the appeal is heard in a proper court and their competent lawyers must be aware of that. The Ugandan government stands to be shamed in front of the international community by its behaviour if TLW can be bothered to press on with the matter. They should press for justice though, in the public interest. By brummell
  • Re: An Opinion from Uganda by Kenj2
    Tue, 22 Jul 2014 23:40:00 GMT

    Perhaps you would like to post a link to the Tullow / URA TAT adjudication MisterX.
    Then we can all read it and judge for ourselves. By Kenj2
  • Re: An Opinion from Uganda by Guesstimate
    Tue, 22 Jul 2014 21:29:00 GMT

    " tullow have NEVER p!$$ed me off"

    Four years and nearly two and a half thousand negative posts on the TLW board later, and that's not including those of your alter-ego SS? And you're not emotionally involved?




    Ooops. I do apologise. Whilst rolling about on the floor, my a-rse appears to have completely fallen off. By Guesstimate
  • Re: An Opinion from Uganda by MisterX1
    Tue, 22 Jul 2014 19:33:00 GMT

    I thought you had not read the TAT report - most bb punters [if not all] have not ether. Perhaps you and the others who so much seem to ramp up tullow as the "Ogas" of the Oil and Gas industry are blinded to seeing the bl$$din' obvious.tough on those who based their investment decisions on false hope, but they should have known better, when you say, especially :

    (1) " My sympathy with TLW is limited because they knew how much HOIL were being asked to pay in CGT when they bought these fields. Despite that they colluded in helping the URA collect this tax and win their case against HOIL."
    Indeed - they knew the score - but stupidly thought that by "helping" out the UGs they may win some sort of "favour"naïve....
    (2) "While TLW may have indeed been naive in trusting anything promised by UG, would it have made any difference had they got it in writing? " Actually, yes - as they could have published these correspondences as a last resort for the world to see. Furthermore, good business practice should have ensured that they had at least meetings minuted - they did not. How grossly overlooked was that - blame some of the sp failures that YOU have invested in on bad management.
    (3) tullow have NEVER p!$$ed me off - what has however, been their naïve approach to business in Uganda which was plain for all to see AND which has caused the collapse in the share price.

    Stupidly you invested in the hope it would reap benefits. And by your own admission have admitted that many here have as well.

    In that case, is it any wonder they ramp up a failing share at all costs led by the bb's most infamous ramper bb - a total loser.

    By MisterX1
  • Re: An Opinion from Uganda by Kenj2
    Tue, 22 Jul 2014 19:18:00 GMT

    No MrX, I have not read the TAT adjudication

    While TLW may have indeed been naive in trusting anything promised by UG, would it have made any difference had they got it in writing?
    The contract thay had with UG was ruled invalid despite being signed by the Minister of Energy. It should have been signed by the Minister of Finance, of course. How silly of them not realising that!
    The truth is that any contract signed in Uganda is not worth the paper it is written on.

    My sympathy with TLW is limited because they knew how much HOIL were being asked to pay in CGT when they bought these fields. Despite that they colluded in helping the URA collect this tax and win their case against HOIL.

    Did it not occur to them that if HOIL were asked for a 30% Sales Tax that they might also suffer that fate? To me, they have behaved like teachers pet, telling tales on others in the hope of favourable treatment for themselves. As I said they got off much lighter than HOIL, so have very little to whine about.

    For the record I have been invested in both of these companies for years. I exited HOIL with a 33% profit when they went private. I am, like most here, currently down on my TLW shares.

    Unlike you, I am not a ramper or a deramper, I criticise or praise as I see fit. You on, the other hand, always criticise, Tullow must have really P1$$ed you off at some time. By Kenj2
  • Re: An Opinion from Uganda by MisterX1
    Tue, 22 Jul 2014 18:43:00 GMT

    "Tlw should simply eat humble pie and pay up - my calculations already since last Friday estimate c. $4 in interest alone to date."
    Should of course read $4M to date [just in case u punters got excited ]

    By MisterX1
  • Re: An Opinion from Uganda by MisterX1
    Tue, 22 Jul 2014 18:05:00 GMT

    "It very clearly spells out what this dispute is all about, and also has managed to shut up our serial de-rampers MrX and SS."
    I am afraid it has NOT shut up MisterX1 & Silversnout.

    Have you actually READ the TAT hearing yourself - as opposed to taking it second, third and even fourth hand from subjective "opinions"?? No I thought not..why ?? Cos you invested heavily at a high - the same as all the other serial rampers here on the bb. Big mistake that was, was it not ? The same deluded thoughts that led to the share price having MORE THAN HALVED since the FO. Recall that foolish kkwfronz stating the price would reach 3000 shortly afterwards ?? LOL

    Let me bring yet again another quote from the TAT hearing :

    "Most of the evidence was based on the testimony of Mr Paul McDade, which was based on his belief. In cross-examination of Mr McDade, he admitted that there were no correspondences from the GOU. According to Mr Martin Graham, GOU communicated through meetings, but these were un-minuted"

    Just take that in (1) McDades "belief" but NO correspondences. (2) meetings "un-minuted" admitted by Mr Martin McDade.

    This also goes to show tlws appalling naivity in not getting anything in writing - particularly the legal counsel who said there were no minutes !!! As such a high ranking officer he should have insisted on minutes, and if not, then tlw should have submitted them via e-mail and recorded post to GOU and insist that if they had any issues, they should respond accordingly. They never - and there is NO proof ....

    It absolutely beggars belief that tlws approach was so matters of such importance.

    Conclusion : Punters want to hear what they want to hear - the truth of the matter is - tlw according to TAT does not have any proof that any assurances were given. Bad judgement - just like the infamous MoU that high ranking tlwites sated would be concluded in 2 weeks - finally after 9 months. And the examples are endless.

    Tlw should simply eat humble pie and pay up - my calculations already since last Friday estimate c. $4 in interest alone to date.

    Poor deluded punters....ANYTHING to have an excuse for their shockingly bad investment decisions....

    By MisterX1
  • Re: An Opinion from Uganda by Kenj2
    Tue, 22 Jul 2014 16:59:00 GMT

    A really great article posted by Backhander from the Ugandan Press this Sunday.
    It very clearly spells out what this dispute is all about, and also has managed to shut up our serial de-rampers MrX and SS.

    My only criticism of the article is that it does not delve far enough back. While it mentions HOIL, it says little about their dispute with the URA. The article also mentions that TLW supported the URA in their dispute with HOIL.

    The following clips are from two TLW RNS's issued in July 2010, and shows that TLW were aware of the ongoing tax dispute between HOIL and the URA, at the time of the farm down with CNOOC and Total. It also shows the purchase cost of $1.35b paid by TLW, and the assessed CGT tax of $405m. This is 30% of the sale price. No allowance had been made for what HOIL paid to acquire this licence, or for any exploration or drilling work that they may have done.

    TLW like HOIL have been duped by false promises and worthless contracts. TLW should have been forewarned by HOIL's experience. They have got off very lightly compared to HOIL. A 30% tax on $2.9b is $870m, not the $472m they were assessed, or the $407m that TAT later adjudged due.

    The real loser here, as the Sunday article says, is Uganda. TLW like HOIL will recover. The Ugandan people though, will continue to live in poverty while the oil remains in the ground. Who will invest here now? This country, as I said in an earlier post, has become toxic.

    27 July 2010 - Tullow Oil plc
    ("Tullow") announces that on 26 July 2010, Tullow Uganda Limited ("Tullow Uganda"), a subsidiary of Tullow, has completed the US$1.35 billion acquisition of a 50% interest in Blocks 1 and 3A in Uganda from Heritage Oil & Gas Limited ("HOGL") with an additional contractual settlement amount of US$100 million

    7 July 2010 - Tullow Oil plc
    ("Tullow") announces that the Government of Uganda has approved the sale by Heritage Oil & Gas Limited ("HOGL") of its 50% interest in Blocks 1 and 3A in Uganda to Tullow's subsidiary, Tullow Uganda Limited ("Tullow Uganda"), subject to conditions outlined in a Heritage Oil Plc release issued today and reproduced below. Separately, Tullow Uganda has also received approval from the Government for its farmdown to CNOOC and Total, subject to certain routine conditions that Tullow intends to discuss with the Government in due course.

    Heritage Oil Plc Release
    Following conditional Government approval on 6 July, all conditions have now been met and the assets have been transferred to Tullow Uganda. Tullow now plans to enter into transactions with CNOOC and Total to farm down two thirds of its interests in Blocks 1, 2 and 3A in the Lake Albert Rift Basin. This will result in a unified partnership to accelerate development of the basin and turn Uganda into a significant oil producing nation.

    In a separate letter Mr. Kabagambe-Kaliisa, Permanent Secretary to the Ministry of Energy & Mineral Development, advised that if HOGL was to resolve the tax matter by arbitration in London, then such arbitration would be on the basis that HOGL deposit approximately US$121.5 million, representing 30% of the disputed amount of US$404,925,000 with the Uganda Revenue Authority and provide a bank guarantee for the balance. As announced on 17 June 2010 Heritage previously proposed to Government the option of arbitration in London. By Kenj2
  • Re: An Opinion from Uganda by kkwfromoz
    Tue, 22 Jul 2014 10:32:00 GMT


    Re "I'm sure there's a class of people in Uganda that are mortified by the carryings-on "

    I agree with you, BUT unfortunately, the winners are always the ones with the AK47s. Usually,
    the good guys will carry on negotiating and talking, the other ones will just keep their fingers on the trigger.

    We have another example now with MH17 and the Israel situation (perhaps this is a contentious one though).

    However, we better stick to the forum.

    KKW By kkwfromoz
  • Re: An Opinion from Uganda by Guesstimate
    Tue, 22 Jul 2014 08:32:00 GMT

    I'm sure there's a class of people in Uganda that are mortified by the carryings-on of Musuveni and his gang. Whether they have any say on the running of the country is a different question. Nice to see though. By Guesstimate
  • Re: An Opinion from Uganda by kkwfromoz
    Tue, 22 Jul 2014 00:23:00 GMT


    Isn't that amounting to luring people in to find oil under false pretences?

    Once successful, they say, sorry, we want our share and it's not what we said, but more.
    If they were unsuccessful, they would have said, well, that's what oil exploration is.

    In other words, there is no ethics, moral or logic. Hey, I think I just found the reason for their country being the way it is! Unfortunately, I invested in TLW.


    By kkwfromoz
  • Re: An Opinion from Uganda by carliol
    Mon, 21 Jul 2014 23:16:00 GMT

    Morning All,

    Lots of interesting and informative posts on the current CGT situation in Uganda.

    Many thanks to those who took the trouble to find and post some of the links.

    The troubles in Uganda just don't go away but just rumble on and on. I often wonder, when we are ever going to get some positive news from Uganda?

    Perhaps ENI could set the ball rolling by making an offer that Tullow couldn't refuse for all Tullow's interests in Uganda. This is top of my wish list.

    Someone once said to me " be careful what you wish for, wishes sometimes come true."


    By carliol
  • Re: An Opinion from Uganda by gubu
    Mon, 21 Jul 2014 20:42:00 GMT

    Wow, that is a good find Backhander as the Vision Group newspapers are strongly pro the ruling party and pro government.

    Seen in that light that 2% per month business could easily be a tactic designed to intimidate Tullow.

    Whether by accident or design Tullow seem to have done well in farming down, the trick must be to leave as little of their shareholders funds at risk at any one time, if that is possible any more given the scale of the investment required

    If they get a production licence soon they may have a chance of doing ok, tax or no tax

    According to a recent article in the East African, Tullow have submitted FDPs for 8 wells in the Albertine Graben while Total also seem to have submitted several beginning in Dec 2013, though none approved yet it seems. Unfortunately I cannot find it in the online edition

    I think the CNOC have got theirs already, surprise, surprise . . .

    This link brings you to a Ugandan Govt website and explains their oil and gas policy, dated June 2014. It looks simply wonderful, if only they could deliver half of that, they would be doing well.

    By gubu
  • An Opinion from Uganda by Backhander
    Mon, 21 Jul 2014 20:08:00 GMT

    The writer of this presents a view from Uganda that may seem unusual. Published in Sunday papers this week-end. May prove a useful balance and source of info.

    Tullow Oil Case Paints Government in Bad Light
    Sunday Vision - Emmanuel Mugarura

    On October 8, 2001, Australian based Hardman Petroleum Pty Ltd, and the UK-based Energy Africa Ltd entered into a Production Sharing Agreement (PSA) under which they were granted exploration, development and production rights in Exploration Area 2 (EA2). It was signed by Hon. Syda Bbumba, the Minister of Mineral and Energy Development, for and on behalf of the Government.

    Article 23.5 of the PSA for EA2 allowed the oil companies exemptions on capital gains tax/ income tax which exemption was subject of the tax dispute. Last week, the Uganda Tax Appeals Tribunal ruled that the said exemption is invalid under Uganda's tax laws and that the minister acted outside legal authority.


    It is important to understand that the exemption was granted to the oil companies to attract investment into the then virtually non-existent oil and gas industry — characterized by small exploration players such as Hardman, Energy Africa and Heritage Oil.
    The exemptions were granted for EA2 at a time when there were no exploration competences in Uganda and almost no international risk capital for investment in a country that had no previous history of oil. The oil exploration business is a highly risky business in technical terms, with exploration success rates averaging 25% globally, meaning that nearly 75% of all investment in exploration ventures leaves exploration companies empty handed and writing off losses in hundreds of millions of Dollars. This explains why most exploration projects are undertaken as joint ventures — so as to spread the financial risks, which could otherwise wipe out a single explorer investing without partners.

    For this reason, it is common in the industry for initial licence holders to sell part of their interests or 'farm-down' to other players who come in as risk-sharing partners. The farm-downs result in a profit t for the seller, against the price paid to acquire and develop the asset, called a 'capital gain,' which most governments seek to tax.
    Where there is scarcity of technical expertise, investors and risk-capital, governments often grant Capital Gains Tax (CGT) exemptions to international oil companies to give them an additional incentive to take the risk of investing hundreds of millions of dollars that might be wiped out, as indeed happened to Neptune Petroleum and Dominion Petroleum, who badly burnt their fingers with zero percent exploration success rates in West Nile and south ¬west Uganda. Tullow, Cnooc and Total have had an 84% exploration success rate, far above the 25% global success rate and can, therefore, claim to be partners of meaningful value to Uganda's oil industry.

    The CGT exemption was granted as an incentive to attract the oil companies as well as the big investment needed to realize Uganda's oil dreams. Indeed, significant players have since been attracted into the sector such as Tullow Oil which invested $1.5b and bought out Hardman, Energy Africa and Heritage, then subsequently farmed down out at $2.9b to China's CNOOC and France's Total E&P. Tullow inherited a CGT exemption granted to the earlier licence holders by then energy minister, who acted with the consent of Uganda's Attorney General.


    The Uganda Revenue Authority (URA) took the position that the minister acted outside her powers by granting the Tullow exemption via the Production Sharing Contract instead of via tax laws managed by URA and the matter ended up with Tullow dragging URA to the Uganda Tax Appeals Tribunal. URA's defence was that the exemption should have been granted to Tullow by the finance minister not the Minister of Energy.

    By ruling that the said exemptions/ incentives were illegally given to the oil companie By Backhander
  • ? by Gurkha
    Mon, 21 Jul 2014 15:19:02 GMT

    Does anyone here actually expect this sp to improve ever or is this now a race to the bottom?
  • New Name for TLW by pelicanwest
    Mon, 21 Jul 2014 07:33:37 GMT

    Should rename this lot the Irish Status Quodown, down deeper and down..
  • tlw by Alexios
    Mon, 21 Jul 2014 06:39:07 GMT

    LUPUS dry
  • RE: large after hours trading by SilverSpoons
    Wed, 16 Jul 2014 23:11:46 GMT

    Correct me if I'm wrong but IMO deletions are backed out as negative amounts. Also, where are the reciptical transactions. These look like genuine trades to me.
  • RE: large after hours trading by crakinshot
    Wed, 16 Jul 2014 21:22:37 GMT

    ...marked deletion.
  • large after hours trading by SilverSpoons
    Wed, 16 Jul 2014 16:24:55 GMT

    at well above closing price. Someone's in a rush to buy
  • ohh dear... by dougiem36
    Wed, 16 Jul 2014 16:03:43 GMT

    new 1yr low (753p) coming tomorrow after the court ruling today ?
  • Below £8.00 by opusguy
    Fri, 11 Jul 2014 10:56:27 GMT

    This is a milestone in a bad way for Tullow. SP. Press is reporting that current political and wars in the African continent is reason for sell off. This was always going to be a major factor.
  • hi all.. by Ollieh
    Fri, 11 Jul 2014 08:13:40 GMT

    Just to say that when msmn grows up, we want be just like you :-)
  • inverted by fingersnthumbs
    Wed, 09 Jul 2014 17:22:26 GMT

    It looked to me that this was forming a beautiful inverted head and shoulders too, but with the recent drop Im not so sure now, there is a gap still open a fair bit lower, Im wondering if the market wants to head towards that gap. Sad to say it but if this rallies a few % I may look to sell it but Im hoping for all of you share holders that the inverted head and shoulders does play out and this goes >1000p
  • Looks by bonker99
    Sun, 06 Jul 2014 19:55:54 GMT

    to be forming a nice looking IH&S to target 1040-1100, gotta stay above 840 though ...
  • Good news crap rise... by Diver169
    Fri, 04 Jul 2014 18:45:41 GMT

    The Hanssen discovery is located in production licence PL537 in which Tullow has a 20% interest. OMV (Norge) are the operator with a 25% interest while Idemitsu (20%), Statoil (15%) and Petoro (20%) are also partners. Angus McCoss, Exploration Director, Tullow Oil plc commented today, “This success is an important follow-up to our Wisting Central oil discovery in September last year which opened up the Hoop area. The Hanssen discovery gives us significant insight into the potential of the Wisting cluster and further confidence that we are on track towards proving up a major new commercial oil resource. We and our partners are preparing to drill the Hassel and Bjaaland wells in the eastern part of the Wisting cluster next year.”
  • Malcy peeved off by steveho
    Thu, 03 Jul 2014 09:25:56 GMT

    Tullow Oil It will come as no surprise that I really am off Tullow’s mailing list, I had to dig around the LSE news stories for the operational update this morning. As it was it really wasn’t worth the digging, the company has $2.3bn of debt facility capacity and Kenya has a number of successful exploration, appraisal and testing wells to come. However the mixed frontier exploration has led to yet another write-off, this time $415m and a loss on disposal added $115m to that number. Situation normal by the looks of it as Tullow are promising lots but still failing to deliver, wait and see how good Kenya really does come. - See more at:



  • Seal systems by tradey
    Tue, 01 Jul 2014 12:19:36 GMT

    Company I do electrical work for have got and order from tullow for 3/4 seal systems ... Will look into the release dates or when or where the project is for ?... I'm wiring them in September ???
  • tullow by fingersnthumbs
    Mon, 09 Jun 2014 12:13:53 GMT

    Looks like Tullow is a technical buy:


    Bought in last week at 846p , lets see how this goes!