Tullow raises new funding of €1bn

TULLOW Oil has raised just under £1 billion (€1.15bn) in a share placing in order to fund fresh exploration and the ongoing development of existing assets.

The £925 million (€1.06bn) is coming from the placing of 80.4m new ordinary shares, which represent just under 10% of the Irish-founded oil and gas exploration company’s existing issued share capital.

Approximately $500m will be used by Tullow on future exploration projects, while the remainder will go towards the further development of headline assets.