Gulf Oil and Gas accountACCOUNT

Tullow to Acquire the Ghanaian Interests of EO Group

Source: www.gulfoilandgas.com 5/26/2011, Location: Africa

Tullow Oil plc announces that 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 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.

Aidan Heavey, Tullow's Chief Executive, commented today: "This acquisition represents an excellent opportunity to extend our interest in these high-quality assets in Ghana. Following our exploration and production successes over the last few years, which culminated in First Oil in late 2010, this purchase further demonstrates Tullow's long-term commitment to Ghana and our belief in its significant remaining potential."

Acquisitions and Divestitures News in Ghana >>

Senegal >>  12/3/2020 - Woodside has given notice exercising its right to pre-empt the sale by FAR Senegal RSSD SA (FAR) to ONGC Videsh Vankorneft Pte Ltd (ONGC) of FARís ent...
Canada >>  12/2/2020 - Cenovus Energy Inc. and Headwater Exploration Inc. are pleased to announce the closing of the acquisition by Headwater of Cenovus's assets in the Mart...

Mexico >>  12/2/2020 - Sempra Energy announced a series of integrated transactions intended to simplify its energy infrastructure investments under one platform Ė creating s...
United States >>  12/2/2020 - Sasol shareholders are referred to the Company's Stock Exchange News Service ("SENS") announcement dated 2 October 2020 , containing details of the di...

Australia >>  12/1/2020 - Brookside Energy Limited and Stonehorse Energy Limited are pleased to provide an update on the operation of the Orion Project Joint Venture (the Joint...
Colombia >>  12/1/2020 - Parex Resources was awarded VIM 43 and LLA 134, while CNE Oil & Gas was awarded VIM 44 and VMM 47.

The National Hydrocarbons Agency - ANH h...


Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Ghana Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Ghana >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.