Tullow Oil plc (Tullow) 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 (the Offer) in connection with Tullow’s secondary listing on the Ghana Stock Exchange (GSE). This is the largest primary share offer ever completed on the GSE and this will more than double the market capitalisation of the GSE.
As previously announced on 13 June 2011, the Offer was open between 13 June and 4 July 2011 with Shares offered at 31 Ghana Cedis. During this period, 10,147 valid applications were received for 3,531,546 Shares representing a total amount of 109,477,926 Ghana Cedis (approximately 72.3 million US Dollars). It is expected that the secondary listing and the first day of trading of Shares on the GSE will be on 27 July 2011.
Application will be made to the UK Listing Authority for the admission to the Official List of those 3,531,546 Shares and to the London Stock Exchange plc for such Shares to be admitted to trading. Admission of such Shares to the Official List and to trading on the London Stock Exchange plc’s main market for listed securities is expected to occur on 27 July 2011. It is expected that such Shares will be admitted to trading on the Irish Stock Exchange on the same day.
Information for Offer applicants
All applicants who submitted valid applications in the Offer will receive all of the Shares they applied for. As a result of this, there will be no refunds. Applicants will have their Ghana Stock Exchange Securities Depository Accounts credited with their allotted Shares by 25 July 2011 and may commence trading such Shares on 27 July 2011.
Commenting today, Aidan Heavey, Chief Executive, said:
“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. I would like to welcome all new shareholders, including Ghana’s National Basic Pension Scheme, to Tullow and thank them for their investment in the company. I look forward to updating all our shareholders with news of our progress, both in Ghana and beyond, over the coming years.”
Tullow Group Overview
Tullow is a leading independent oil & gas, exploration and production group, quoted on the London and Irish Stock Exchanges (symbol: TLW) 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 primarily focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames area. The company also has interests offshore the Netherlands.
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.