Tullow targets potential buyout firms

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.

Yesterday, the oil production and exploration company reported annual results broadly in line with expectations and announced it was to issue its maiden dividend of 1 cent per share.

Chairman Pat Plunkett told investors that Tullow was also actively considering acquisition opportunities and seeking to increase returns and capital efficiency through selective disposals and farmouts.