Tullow Oil plc (LSE:TLW) is an exploration and production company focused mainly on Africa. Shares grew in the fourth quarter after OPEC’s decision to cut output caused oil prices to rise. In addition, Tullow reduced balance sheet concerns after receiving additional commitments from lenders and secured insurance payments for business interruption at its largest producing asset, Jubilee. We retain conviction based on Tullow’s operational improvements, production ramp up in Ghana, exploration upside in South America, and potential monetization of East Africa assets. (Chingiz Gadimov)
From Baron Emerging Markets Fund fourth quarter 2016 commentary.
