Kudu gasfield disappoints Tullow.
Investors Chronicle - magazine and web content, September, 2007
Tullow's Namibian gasfield will remain a local affair rather than a grand export project Daniel O'Sullivan
Tullow Oil announced disappointing results on an appraisal well for its Kudu gasfield offshore of Namibia. It has scrapped plans for a large scale export development there, although a previously-agreed local gas-to-power plant project should still proceed.
Despite management previously talking up Kudu's potential, the big story for Tullow remains its current run of exploration success with potentially very lucrative fields in Uganda and Ghana. Tullow is well ahead of our buy recommendation (370p, 23 March 2007) and remains a buy at 541p.
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