Ex-Tullow boss gets €915m funding

Private equity company Carlyle Group is partnering with former Tullow Oil chief executive Aidan Heavey and the Irish-founded exploration company’s former finance chief Tom Hickey to form a venture that will target up to $1bn (€915m) of acquisitions in sub-Saharan Africa.

Boru Energy will look for oil and gas assets “with significant commercialisation potential” that are operated by other companies, said Mr Carlyle.

Mr Heavey and Mr Hickey will draw on their experience of Tullow Oil which gets a majority of its current revenue from Africa and initially focus on the continent’s west.

Boru will not target riskier development projects, Carlyle said.

Mr Heavey was the founder and chief executive of Tullow where he oversaw the company’s flagship discoveries in Ghana, among other countries. Mr Hickey worked beside him as chief financial officer from 2000 to 2008 and has remained in the industry since.

Funding for potential investments will come from Carlyle International Energy Partners, which also backs companies such as North Sea-focused Neptune Energy.

- Bloomberg