Tullow Oil to offer 4 million shares on Ghana Stock Exchange

British oil producer and major stakeholder in Ghana’s Jubilee oil field, Tullow Oil today announces plans for a secondary listing of its shares on the Ghana Stock Exchange (GSE) and it is offering four million shares in Ghana.

The company in a press release issued Tuesday May 31, 2011 and copied to ghanabusinessnews.com says the offer of its shares on the GSE will give every one in Ghana the opportunity to apply for shares in Tullow and to share in the future performance of its operations across its global portfolio of assets.

“Tullow is fortunate to have played a pivotal role in delivering First Oil from the word-class Jubilee field, offshore Ghana. We would like everyone in Ghana to have the opportunity to invest in the future performance of Tullow, especially as we embark upon further exciting exploration and development activities in Ghana and across our global portfolio,” Tullow’s CEO, Aidan Heavey was cited to have said in the release.

Tullow first made known its intentions to list on both the Ghana and Uganda Stock Exchanges in January 2011. Tullow also has projects in Uganda’s nascent oil sector. The General Manager of Tullow’s Uganda operations, Brian Glover was quoted by the Telegraph newspaper as saying that after discussions with its shareholders, “the idea was welcomed by all.”

Tullow Oil has increased its stakes in Ghana’s emerging but promising oil sector.  Last Thursday  May 26, 2011, the company announced that it has entered into a conditional agreement to acquire the interests of EO Group Limited (EO), a Ghanaian owned-oil producer. The shares, Tullow said, consists of EO’s entire interests offshore Ghana, for a combined share and cash consideration of $305 million.

This acquisition, according to Tullow will increase its interest in the West Cape Three Points licence offshore Ghana 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%.

By Emmanuel K. Dogbevi