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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Tullow Oil    TLW   GB0001500809

TULLOW OIL (TLW)
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Tullow Oil : UK`s Tullow Oil Targets First Kenya International Crude Exports Next Year

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11/10/2017 | 03:15pm CET

British oil explorer Tullow Oil says it intends to ship out Kenya`s first crude to the export market next year.

Kenya last July delayed a plan to start small-scale crude oil production of about 2,000 barrels a day for transportation by road to Mombasa for export.

On Wednesday, Tullow said produced oil will initially be stored, until all work is completed and necessary consents and approvals granted for the transfer by road.

"... the current phase of exploration and appraisal drilling in the South Lokichar Basin has been concluded and the focus is now on the Early Oil Pilot Scheme (EOPS) and the development of the discovered resources," it said in an update.

"As part of EOPS extended production, water injection testing and a water-flood pilot test utilising the Ngamia-11 well are planned for the first half of 2018."

Tullow initially struck oil in Turkana`s Lokichar basin in northwest Kenya in 2012 and has since followed it up with a string of other finds, putting the country on the path to becoming a producer.

The recoverable reserves are estimated at 750 million barrels, considered commercially viable. Last month, the government signed an agreement with Tullow to build a pipeline to evacuate the oil.

(c) 2017 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 1 651 M
EBIT 2017 107 M
Net income 2017 -181 M
Debt 2017 3 479 M
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018 18,89
EV / Sales 2017 3,96x
EV / Sales 2018 3,62x
Capitalization 3 060 M
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Mean consensus HOLD
Number of Analysts 24
Average target price 2,64 $
Spread / Average Target 20%
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Managers
NameTitle
Paul McDade Chief Executive Officer & Executive Director
Aidan Joseph Heavey Chairman
Les Wood Chief Financial Officer & Executive Director
Angus Murray McCoss Executive Director & Exploration Director
Tutu Agyare Independent Non-Executive Director
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