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  • Tullow to acquire the Ghanaian interests of EO Group Limited for USD305 million
    édité le 31/05/2011 - Plus de news de "Tullow Oil" - Voir la fiche entreprise de "Tullow Oil"


Tullow to acquire the Ghanaian interests of EO Group Limited for USD305 million
Tullow Oil plc announces that today it entered into a conditional agreement to acquire the interests of EO Group Limited (EO), consisting of its entire interests offshore Ghana, for a combined share and cash consideration of $305 million.
This acquisition will increase Tullow's interest in the West Cape Three Points licence offshore Ghana by 3.5% to 26.4% and increase the Group's interest in the world-class Jubilee Oil field, which Tullow Operates, by 1.75% to 36.5%.

Tullow will issue 10,137,196 ordinary shares of 10p each in the share capital of the Company ("the Shares") to EO to satisfy approximately $216 million of the consideration. The balance, which will include certain working capital adjustments, will be paid in cash. The number of shares has been determined using an average of the closing share prices and exchange rates for the five business days up to and including 24 May 2011. The receipt of Tullow shares as part of the consideration gives EO the opportunity to retain an indirect interest in the upside potential of all of Tullow's Ghanaian assets.

The effective date of the transaction is 1 December 2010. The agreement is conditional on the receipt of various consents, approvals and assurances, including from the Government of Ghana.

Upon completion of the agreement, application will be made to the UK Listing Authority and the Irish Stock Exchange for the Shares to be admitted to the official list of the UK Listing Authority and the official list of the Irish Stock Exchange and application will be made to the London Stock Exchange and the Irish Stock Exchange for the Shares to be admitted to trading on their respective main markets.


Origine : Communiqué Tullow Oil

Voir la fiche entreprise de "Tullow Oil"



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