Tullow's Share Offer on GSE successfull Mr Heavey

Accra, July 21, GNA - Tullow Oil plc on Thursday announced that it has allotted over 3.5 million shares out of the 4 million shares it offered to be listed on the Ghana Stock Exchange (GSE). The offer run between 13 June and 4 July 2011 with shares offered at GH¢31.00

The company said during this period, 10,147 valid applications were received for 3,531,546 Shares representing a total amount of GH¢109,477,926 (approximately 72.3 million US Dollars).

The company said in a statement that it was expected that the secondary listing and the first day of trading of shares on the GSE would be on 27 July 2011.

Commenting on the offer, Aidan Heavey, Chief Executive, said:

"I am delighted by the success of our offer on the Ghana Stock Exchange, the largest primary share offer ever completed in Ghana. Ghana remains at the heart of Tullow's investment decisions and underpins our long-term future in Africa.

He welcomed all new shareholders, including Ghana's National Basic Pension Scheme to Tullow and thanked them for their investments in the company.

"I look forward to updating all our shareholders with news of Tullow's progress, both in Ghana and beyond, over the coming years."