Tullow Oil (LSE:TLW) was among the greatest detractor, after announcing a $95 million loss for the first six months of 2014 following more than $400 million in write-offs for exploration costs. However, the company’s oil fields already in production have an estimated worth of about $7.6 billion, and the future looks promising with new projects in Ghana and Kenya. Tullow and its Kenyan exploration partner, Africa Oil, recently discovered 600 million barrels of oil in the South Lokichar Basin.
From Bernard Horn (Trades, Portfolio)’s Polaris Global Value Fund Q3 2014 Shareholder Letter.
