Tullow Oil shares hit record high

SHARES in Tullow Oil – the second-highest valued Irish public company – hit a record high of £12.87 (€14.23) in early trading in London yesterday on the back of speculation that BP may lodge a bid for Kosmos Energy LLC’s stake in the Jubilee field in Ghana, which is operated by Tullow.

Private equity groups Blackstone and Warburg Pincus have been looking to sell Kosmos since the early part of this year and reached initial agreement with Exxon Mobil earlier this month, pending approval by Ghana’s government.

Reports yesterday suggested that BP has now entered the fray for Kosmos’ Jubilee stake and has held talks with the Ghana National Petroleum Corporation (GNPC) about a potential joint offer, with Goldman Sachs advising.