Tullow raises $72.3m from ‘successful’ sale of 3.5 out of 4 million shares from Ghana listing

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 by 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.

By Ekow Quandzie