Tullow also confirms that with effect from 10 a.m. Ghana time (11 a.m. UK time) today, its Shares will commence trading on the Ghana Stock Exchange (symbol: TLW), with a market capitalisation of approximately 28.18 billion Ghana Cedis. The listing more than doubles the entire market capitalisation of the Ghana Stock Exchange and makes it one of the largest Stock Exchanges in sub‑Saharan Africa, outside of South Africa and Nigeria.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA’s Disclosure and Transparency Rules.
Further to the announcement made on 21 July 2011, Tullow Oil plc (Tullow) confirms that 3,531,546 ordinary shares of 10p each in the capital of Tullow (Shares) have today been admitted to the official list of the UK Listing Authority and the official list of the Irish Stock Exchange and to trading on the main markets of the London Stock Exchange and the Irish Stock Exchange (Admission).
Commenting today, Aidan Heavey, Chief Executive, said:
“This is an historic day for Tullow Oil as our shares begin trading in Ghana for the first time. I am delighted by the success of our offer and excited that we now have a stock market presence in Africa, 25 years after the company was founded.”
Tullow Group Overview
Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian (symbol: TLW) stock exchanges and is a constituent of the FTSE 100 Index. The Group has interests in over 90 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.
In Africa, Tullow has production in Ghana, Gabon, Côte d’Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea with two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d’Ivoire, Liberia, Sierra Leone, Mauritania, Senegal, Tanzania, Madagascar, Namibia, Kenya and Ethiopia.
Tullow’s European interests are focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames area and in the Netherlands where it has offshore gas production, development and exploration opportunities.
In South Asia, Tullow has exploration and production in Bangladesh and exploration interests in Pakistan. In South America, Tullow has exploration interests in Guyana, French Guiana and Suriname.
For further information please refer to our website at www.tullowoil.com.
About Tullow Ghana
Tullow Oil plc, through its subsidiary, Tullow Ghana Limited, has interests in two exploration blocks in Ghana – Deepwater Tano and West Cape Three Points. Tullow is the operator of the Jubilee field, which straddles both blocks, and lies approximately 60 kilometres off the coast of Ghana. The Jubilee field was discovered in 2007 and First Oil was celebrated on 15 December 2010 following first initial production in November. Since First Oil, over ten million barrels of oil have already been produced from the Jubilee field and the gross production rate is now around 80,000 bopd from seven wells. Plateau production of 120,000 bopd is expected to be reached by August with the completion of the final two Phase 1 production wells. Jubilee is a world-class oil field with estimated recoverable resources of up to 1 billion barrels. In addition to Jubilee, Tullow has also discovered the Enyenra and Tweneboa fields which are currently being appraised and a comprehensive exploration programme is also ongoing.