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

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Tullow Disappoints With No Commercial Oil In Offshore Ghana Well

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05/04/2012 | 10:17am CET
   By Sarah Kent 
   Of  
 

London-listed oil exploration and production company Tullow Oil PLC (>> Tullow Oil plc) disappointed investors Friday as its partner in an offshore Ghana project reported negative results from an appraisal well.

The operator, Kosmos Energy Ltd. (>> Kosmos Energy Ltd), announced late Thursday it is plugging and abandoning the Teak-4A well, after failing to find commercial reservoirs. The well is located in the West Cape Three Points Block.

Tullow owns a 26% stake in the West Cape Three Points Block, while Kosmos and Anadarko Petroleum Corp. (APC) each have a 31% interest and Sabre Oil & Gas Holdings Ltd. holds 2%. Ghana National Petroleum Corp. has a 10 percent carried interest in the project.

"Tullow's struggling to live up to its share price at the moment," said Stuart Joyner, head of oil and gas at Investec Securities. "It's had some successes in Kenya, but in Ghana, which is the core area for the company, it's been mixed."

At 0739 GMT, shares in Tullow Oil were down 1.7%, or 26 pence, at 1531 pence, briefly making it one of the biggest decliners among the FTSE-100 index in early trade. The broader FTSE-100 index was down 0.2%.

By Sarah Kent, Dow Jones Newswires;4420-7842-9376; sarah.kent@dowjones.com

Stocks mentioned in the article : Tullow Oil plc, Tullow Oil plc, Kosmos Energy Ltd
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Financials ($)
Sales 2016 1 419 M
EBIT 2016 251 M
Net income 2016 14,3 M
Debt 2016 4 889 M
Yield 2016 -
P/E ratio 2016 40,43
P/E ratio 2017 20,20
EV / Sales 2016 5,98x
EV / Sales 2017 4,37x
Capitalization 3 597 M
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Mean consensus HOLD
Number of Analysts 26
Average target price 3,36 $
Spread / Average Target -15%
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NameTitle
Aidan Joseph Heavey Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Paul McDade Chief Operating Officer & Executive Director
Ian Springett Chief Financial Officer & Executive Director
Angus Murray McCoss Executive Director & Exploration Director
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