T5 Oil and Gas, the exploration investment firm headed by former Tullow Oil executives, has designs on becoming a publicly listed “multibillion-dollar” company and is targeting completion of its first reverse takeover deal before the end of this year.

T5 Oil and Gas — the Dublin and London-based exploration firm headed up by former Tullow Oil directors — is expected to take control of loss-making UK explorer Gulf Keystone before the summer.

Irish exploration firm T5 Oil & Gas is understood to be sizing up a number of targets for a potential reverse takeover.

T5 Oil and Gas, the new exploration firm established by five former Tullow Oil executives, is to seek a stock listing on Dublin’s ESM market in the autumn, or early next year, depending on market conditions.

TULLOW Oil has forecast record full-year results for 2011, chiefly on the back of strong cash flow from its Jubilee field off the coast of Ghana, which started producing late last year.

TULLOW Oil chief executive Aidan Heavey has said that the company should know the full potential of its early stage assets in Kenya — tipped to be its next big market — within 12 months.

Tullow Oil chairman Pat Plunkett has said the company saw strong growth in 2005.

TULLOW Oil has delivered strong results for 2005 boosted by recent acquisitions and higher oil and gas prices.

Oil and gas, exploration and production Group, Tullow Oil, announced record results for the year ended 31 December 2005.

TULLOW OIL had an “excellent” year, with record levels of production, revenue, profits and cashflow, the company’s chairman told shareholders at yesterday’s annual general meeting.

2004 was a record year for production and profit at Tullow Oil and 2005 indicators are encouraging, the company's Annual General Meeting today has heard.

TULLOW OIL made pre-tax profits of €33.1m (£22.6m) in the first half of this year, up more than 50% on the same period last year.

Operating profit at Tullow Oil jumped by 51% to £26.5m (€38.8m) in the six months to June 30, up from £17.6m (€25.8m) in the first half of 2003, the company said today.

TULLOW OIL has targeted a number of possible acquisitions in Northern Europe and West Africa and put in place borrowing facilities of up to €250 million to fund any buyouts.

A major gas exploration project in the North Sea helped Anglo-Irish group Tullow Oil to a 47% rise in turnover last year, the company said today.