Let’s not forget if its Uganda Tullow is after, then they only share half a license with Hardman. Okay so they happen to have found oil in every hole to date, but so have Heritage with other licenses, albeit contaminated with CO2, enough to make them unviable for production.
No, if there is a No vote, then the Management could stick or pass.
The opportunity then with Hardman would be of a much more interesting stage to see how far it drops.
50p?
Less?
Not out of the question, especially with the recent Woodside reserve downgrade for Chinguetti, 57% wasn't it? And plenty of revenue cash needed to rescue the situation to a respectable level. I think 75kbopd is out of the question there now for sure.
I state again that for Tullow, Kingfisher is the key, always has been always will be, the rest is a sideshow.
Tullow will go up substantially if Kingfisher comes in as expected.
If Kingfisher fails, it will be time to reconsider my positions there.
HDR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held