Share to Facebook Share to Twitter Share to Email App Share to LinkedIn African oil executive Samuel Dossou-Aworet has built up a stake of just over 7 per cent in Tullow Oil, taking advantage of as slump in the oil exploration group’s stock in the past five weeks. Mr Dossou-Aworet co-founded a pan-African exploration company called Energy Africa in 1994, which was acquired by Tullow Oil 15 years ago for $500 million (€448 million). The deal doubled the size of Tullow at the time, giving it assets from Ghana to Namibia along the west coast of Africa.
@Beatley - agreed. A takeover would be welcome at this stage to try and recover some value more quickly ... wouldn't have much confidence in the remaining exec. An outfit like Total should have the coin and operate in most places Tullow do already... what price for a takeout?
Seems a tad overdone in fairness, given they are still producing 70k+ barrels p.a. Think the debt is killing them ...they must be a takeover target at this stage - going to throw a few hundred quid at it to average down my 220p purchase price and hope someone comes in with even a lowball offer ... 125p anyone?
If WMH keeps making progress in the US and online, at this price it is surely going to be a target for a takeover or consolidation event in which case it's fair value at least should immediately be unlocked i.e. closer to £2 a share. Therefore I see a potential 30%+ upside and am buying at this level as a "special situation". In the meantime, you get paid 7% yield to wait.
@Bowman - true, but it does say " no reason to change our targets at this point" and "The interim dividend is proposed to increase in accordance with the anticipated full year profit growth" ... the market reaction seems a bit overdone - no?
Echostar must be serious with the disclosure of 3% already purchased on the open market and another $67 m spent on convertible bonds... hard to see them just walking away now...
Blessed are the patient for they shall recover their losses... kept the faith with this which duly plummeted after I bought some but glad I stuck with it (until the next nasty shock comes of course 
...)