Tullow Oil: The Guyana Thesis Has Materialized

Seeking Alpha | Aug 19, 2019 at 4:03 AM
  • I have been covering Tullow Oil (OTCPK:TUWOY, OTCPK:TUWLF), the London Stock Exchange-listed E&P company with a predominant focus on Africa, since October 2018.
  • 1H19 FCF (according to Tullow’s definition) equaled $181 million, $81 million higher than the promised yearly dividend of $100 million; so, shareholder rewards are safely covered.
  • Those investors who did some profit-taking after the recent share price hike were right, as, despite stunning results of the Jethro-1 well drilling, Tullow’s equity remains risky, especially after FID delays in East Africa.