Business News Mon, 25 Jul 2011

Tullow Oil buys EO Group’s $305m interest in Cape Three Points

Tullow Oil Plc has completed the acquisition of the only indigenous partner in the Jubilee oil field, EO Group Limited for $305 million dollars.

This means government approved of the acquisition despite the Attorney General and Minister for Justice, Martin Amidu, who earlier confirmed to Citi News that some officials of E.O will be charged soon to answer questions bothering on fraud.

This acquisition, with an effective date of 1st December 2010, will increase Tullow’s interest in the West Cape Three Points license offshore Ghana by 3.5% to 26.4% and increase the Group’s interest in the Jubilee field.

This means that about 10.1 million ordinary shares of 10 pense each in the capital of Tullow (Shares), are expected to be admitted on Tuesday July 26, to the official list of the UK Listing Authority and the official list of the Irish Stock Exchange and also to trading on the main markets of the London and Irish Stock Exchanges.


The shares satisfy approximately $216 million of the consideration and the balance, which includes certain working capital adjustments, has been paid in cash.

Following admission, the total number of Shares in issue is 900,315,402, and the total number of voting rights in the Company is 900,315,402. The Company holds no Shares in treasury.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

Source: myjoyonline