Tullow Conference Call Notes - Aug 24 2011Tullow's Exploration Director Angus McCoss is the real deal - his comments carry weight.
GENERAL COMMENTS MADE BY ANGUS ON CONFERENCE CALL:
* Anticipated Jaguar SPUD is October 2011.
* Angus stated - based on what he has seen thus far - he is confident in the 2 South American wildcat prospects (Zaedyus & Jaguar).
* The Zaedyus well should be completed in 2 - 3 weeks.
* South American fan systems appear to be larger than the West African fan systems (i.e. Zaedyus & Jaguar prospects appear to be larger than Jubilee).
** When asked if Zaedyus had any hydrocarbon shows, Angus answered: "We will let you know in 2 - 3 weeks, when drilling is completed."
OTHER COMMENTS - CEO AIDAN HEAVEY ON CONFERENCE CALL:
* Tullow wants to continue pushing frontier areas via exploration.
* Will continue to add / expand on existing acreage as it sees fit.
* When pushing frontier areas - it is important to lock up surrounding acreage.
* In order to pursue aggressive exploration strategy - balance sheet needs to be strong.
MY OBSERVATIONS:
To me - it seemed Tullow was trying to hold back from talking about Zaedyus until the well was. However, I think they have seen something they like in Zaedyus. Did anyone else get that impression?
The reason why I believe they know something is they stated they were going to drill Zaedyus and Jaguar, interpret the results, and see where they were going to do next. Yet, on slide 34 it appears Tullow has already planned to drill a strucutre named Bradypus (which is adjacent to Zaedyus) within a 1 year time frame. Hmm...