Tullow plans $500m Energy move

TULLOW OIL is preparing a $500 million offer for Energy Africa company, a move that will double the size of the Irish firm.

Tullow said yesterday that the takeover will give it opportunities in parts of Africa where it has little or no presence, including the Congo, Egypt, Gabon, Mauritania and Senegal.

Shares in Tullow, which were suspended before the announcement yesterday, shot up 30% on the London stock market to 113p.