Tullow Oil buys Ghana company

TULLOW Oil has acquired the Ghanaian exploration company EO Group for $305 million (€216m) in a cash and share deal, marking the Irish firm’s second acquisition this week.

Tullow has described the African buy as representing “an excellent opportunity” and which will increase its interest in the West Cape Three Points licence off the Ghana coast.

It follows on from Tullow’s €300m acquisition of Dutch company Nuon Exploration & Production earlier in the week.