We purchased Tullow Oil (LSE:TLW) in late 2013 on the expectation that political turbulence in oil producing nations will continue and the resulting supply disruptions will sustain higher oil prices; this theory held merit, as oil prices remained firm in the second quarter of 2014. Tullow’s reserves have nearly tripled in the past seven years and the company has a large position in Ghana, Uganda and Kenya, where it helped discover vast oil and gas resources.
From Bernard Horn (Trades, Portfolio)’s Polaris Global Value Fund Second Quarter 2014 Shareholder Letter.
