Tullow Oil shares downgraded

Stockbroker ABN-Amro has downgraded shares in Tullow Oil from “buy” to “add” on concerns that the independent oil and gas producer intends to bid for the assets of Energy Africa, a South African-listed company.

Tullow has not yet commented on speculation linking the two companies.

A successful bid would add to Tullow’s production and reserves. The company has interests in Britain and west Africa.