Tullow Oil complete Angola offshore deal

TULLOW Oil Has concluded a farm-in agreement with Sonangol P&P to take a 15% interest in Block 10 offshore Angola which marks another significant development for the independently-owned oil company.

Shares in Tullow fell four cent following the announcement to €3.54 on the back of some profit taking. Chief executive Aidan Heavey, said of the move: “This is the first step in our strategy to gain a significant position in the country and we look forward to doing further business in the region.”

Recent moves in Britain by German utility E.ON suggests Tullow’s share price will do well in the coming months. The German group acquired 15 gas fields in the North Sea from Caledonia Oil and Gas for £450 million (€668m).