Tullow Oil considering stock market listing in Ghana and Uganda this year

IRISH exploration company Tullow Oil is considering additional stock market listings in Ghana and Uganda this year, in order to reflect its growing presence in the region.

A spokesperson said yesterday that Tullow is investigating the possibility but no decision has been made yet and no firm timetable exists, despite some reports suggesting such a move could be finalised by April.

Listing on the Uganda Security Exchange and the Ghana Stock Exchange would reflect the presence Tullow has built up in the two African countries in recent years and would give local people a better chance to get on its share register and potentially share in its success.

However, whatever course of action is taken, Tullow’s primary share listing will remain in London, with the ISEQ in Dublin representing its second largest.

It was also announced yesterday, that the Ruvuma PSA onshore well in Tanzania – which has Tullow, Aminex and Solo Oil as its shareholders – has been spudded (meaning that the drill has entered the ground) and full drilling will follow for an estimated two-month period.

Meanwhile, there are still no noises from Tullow over what it plans for next week – January 17 being its pre-emption deadline for the Ugandan assets of Canadian oil and gas explorer, Heritage Oil.

In November, Heritage said it had reached initial agreement to sell its two Ugandan oil fields in the Lake Albert Rift Basin to Italian firm, Eni, for $1.5bn (€1.03bn), but Tullow, Heritage’s partner at Lake Albert, has the right to match Eni’s bid.

The Irish firm is targeting production from its Ugandan assets of around 150,000 barrels of oil per day in five years time

Tullow’s shares were up by just under 1.3% – or 19c – in Dublin, yesterday, at €15.02.