Jul 17 2024
Resources
Recent Research
Kenmare, Positive update on capital projects
Jul 4 2024
Tullow Oil, AGM statement
May 16 2024
Kenmare, Q1 production data
Apr 11 2024
Kenmare, FY2023 results
Mar 20 2024
Tullow Oil, FY2023 results
Mar 6 2024
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Kenmare
Q2 production update and reaffirmed guidance
Kenmare’s Q2 production update reflects volumes that are in line with expectations, and guidance has been maintained for FY2024 on all metrics. Demand is robust and the company is in a...
Kenmare
Positive update on capital projects
Kenmare has provided an update on its capital projects. It has completed the Design Feasibility Study (DFS) for the upgrade of WCP A and its transition to the Nataka ore zone....
Kenmare
New forecasts reflect the benefit of factoring
We are publishing new forecasts for Kenmare. The most significant change is that we now assume $100m of factoring of receivables in 2024 prior to drawing down the new $200m credit...
Kenmare
Q1 production data
Kenmare has reported Q1 production that is broadly in line with last year (as it previously indicated). This was impacted by power interruptions and maintenance works. The company has...
Tullow Oil
FY2023 results
Tullow’s FY2023 results follow the trading statement provided on January 24th. The company retains its forecast of achieving $800m of free cashflow during 2023-2025. Net debt was...
Kenmare
New forecasts and revisiting the outlook
We update our Kenmare forecasts following the Q4 production report last week. Changes reflect a softer pricing backdrop in 2023 and latest volume and capex guidance. Current capex...
Tullow Oil
The investment case is shifting
Tullow Oil has made huge strides in dealing with its debt. Most recently, this includes the Glencore loan facility and tender offers – leading to a rally in its bond price despite weakness...
Tullow Oil
Tender offer results provide pause for thought
Tullow has announced the final results of its recent tender offer for its 7% March 2025 notes. $141m was validly tendered at a price of 92%, with Tullow previously offering to buy back...
Tullow Oil
Positive update on bond tender offers
Tullow has released updates on progress with its bond tender offers. The 2026 tender offer has been completed and was slightly increased. The 2025 tender offer is ongoing. So far,...
REITS
Hard assets positioned for outperformance
Yield curves have clearly broken out of their 40-year downtrend. This could signify a secular change in the investment landscape. Commodity-related assets are currently trading close...
