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Tullow Oil plans to sell shares at Ghana Stock Exchange

Postby Minister of Finance » Fri Jun 17, 2011 10:34 am

http://www.bbc.co.uk/news/business-13607928

Tullow Oil says its decision to sell shares to investors in Ghana, through a listing on the stock exchange in Accra, will underline its commitment to the country.
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Postby Minister of Finance » Thu Jul 21, 2011 9:57 pm

http://www.ghanabusinessnews.com/2011/0 ... a-listing/

Tullow raises $72.3m from ‘successful’ sale of 3.5 out of 4 million shares from Ghana listing
Page last updated at Thursday, July 21, 2011

Tullow Oil, the major operator at the Jubilee oilfields says it sold a little over 3.5 million shares out of the initial four million shares it offered on the Ghana Stock Exchange (GSE).

Tullow opened the offer between June 13 and July 4, 2011 at GH¢31 per share on the GSE.

The sold shares, which Tullow describes as successful despite earlier indications its officials of oversubscribed shares, was able to raise approximately $72.3 million, according a release from the company copied to ghanabusinessnews.com July 21, 2011.

“Tullow Oil plc is pleased to announce that it has allotted 3,531,546 ordinary shares of 10p each in the capital of Tullow (Shares), which rank pari passu with the existing Shares in issue, pursuant to the offer for subscription of up to 4,000,000 Shares in connection with Tullow’s secondary listing on the Ghana Stock Exchange (GSE),” said the British oil and gas explorer.

During the offer period, Tullow says “10,147 valid applications were received for 3,531,546 Shares representing a total amount of GH¢109,477,926 (approximately $72.3 million).”

Chief Executive of Tullow, Mr. Aidan Heavey says “I am delighted by the success of our offer on the Ghana Stock Exchange, the largest primary share offer ever completed in Ghana…Ghana remains at the heart of Tullow’s investment decisions and underpins our long-term future in Africa.”

It is expected that the secondary listing and the first day of trading of shares on the GSE will be on July 27, 2011, the company said.

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Postby Minister of Finance » Mon Jul 25, 2011 10:02 pm

http://www.ghanabusinessnews.com/2011/0 ... ee-points/

Tullow Oil finally buys EO Group’s $305m interest in Ghana’s Cape Three Points

British oil producer, Tullow Oil announces today July 25, 2011 that it has completed the acquisition of E.O. Group’s stake in Ghana’s Cape Three Points. EO is a Ghanaian oil producer in the Jubilee partners – the number of companies drilling for oil in the largest oil field in Ghana.

In May 2011 Tullow said it had entered into a conditional agreement to acquire the interests of EO “consisting of its entire interests offshore Ghana, for a combined share and cash consideration of $305 million.”

According to Tullow, “all of the conditions to the acquisition were satisfied and the acquisition completed today.”

In a press release issued and copied to ghanabusinessnews.com Thursday May 26, 2011, Tullow said this acquisition will increase its interest in the West Cape Three Points licence offshore Ghana.

Tullow explained that the acquisition will increase its interest by 3.5% to 26.4% and increase the Group’s interest in Ghana’s world-class Jubilee oil field, which it operates, by 1.75% to 36.5%.

The company says the number of shares has been determined using an average of the closing share prices and exchange rates for the five business days up to and including May 24, 2011.

Tullow also indicates that the receipt of its shares as part of the consideration gives EO the opportunity to retain an indirect interest in the upside potential of all of its Ghanaian assets.

The effective date of the transaction, Tullow says is December 1, 2010, and that was before commercial production of oil started in Ghana. Commercial production of oil began in Ghana on December 15, 2010.

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