Exploration company Tullow today announced plans for a secondary listing of its shares on the Ghana Stock Exchange (GSE) and an offering of 4,000,000 Tullow shares in Ghana.
The share price for the offer will be announced June 13, with a prospectus to be published in the meantime.
“Tullow is fortunate to have played a pivotal role in delivering First Oil from the word-class Jubilee field, offshore Ghana," said Chief Executive Aidan Heavey.
"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.
"With the support of the Ghana Stock Exchange, the Securities and Exchange Commission and Ghanaian advisers and banks, we are making our shares accessible to anyone in Ghana who wishes to take part in the share offer.”
Tullow Oil plc, through its subsidiary, Tullow Ghana Limited, has interests in two exploration blocks in Ghana. The Jubilee field, which straddles both blocks and lies approximately 60km off the coast, is currently producing over 70,000 bopd following first oil in December.
Plateau production of 120,000 bopd is expected to be reached in July, while the field has estimated recoverable resources of up to 1 billion barrels.