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Hyperdynamics Corporation
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Tullow Spokesman...In regards to Tullow spokesman, George Cazenove's recently reported comments, "..the company has no plans to change its investment plans in Uganda or elsewhere in Africa. "We believe that such fluctuations in the oil price do not fundamentally change the value of these projects" I believe he was primarily referring to Tullow's plans to focus capital on already producing properties, and development projects, NOT high cost, high risk exploration. Here is from Tullow's latest Interim Management Statement: “In light of current oil and gas sector challenges including the commodity price environment, we are reviewing our capital expenditure and our cost base to ensure that Tullow is well-positioned for future success. In 2015, we will be focusing our capital spend on producing and development assets, particularly in West Africa where, by 2017, the Group expects to be producing, net to Tullow, over 100,000 bpd of high quality, high margin oil. Our overall exploration spend will be significantly reduced and will focus primarily on East Africa where we have major basin-opening potential." ".. given the current expectations for the oil price, reduced commercial success from offshore drilling and the lack of asset transactions, returns from drilling complex, deepwater wells are currently less attractive." When this statement came out, Brent Crude was over $80/barrel. Now it's around $60. Draw your own conclusions. jmo
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Msg # | Subject | Author | Recs | Date Posted |
121290 | Re: Tullow Spokesman... | killerbee2 | 2 | 12/16/2014 12:13:30 PM |