Tullow Oil announces successful Ghana listing

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Anglo-Irish energy explorer Tullow Oil said Thursday that it has sold most of the shares it offered for a record stock market listing in Ghana.

Tullow said in a statement that it sold more than 3.5 million ordinary shares for $72.3 million (50.3 million euros) out of the four million shares offered on the Ghana Stock Exchange (GSE).

"I am delighted by the success of our offer on the GSE, the largest primary share offer ever completed in Ghana," said Tullow chief executive Aiden Heavy in the statement.

"Ghana remains at the heart of Tullow's investment decisions and underpins our long-term future in Africa."

The completed share offer will more than double the market capitalisation of the GSE, according to the group.

Tullow Oil, which is already listed in Dublin and London, has interests in over 90 exploration and production licences across 22 countries. The company focuses on Africa, Europe, South Asia and South America.

Earlier this month, Tullow said it had increased production from its Jubilee field in offshore Ghana to 80,000 barrels a day, up 14.3 percent from June.

The group has previously said that it plans to reach 220,000 barrels of oil equivalent per day by August.

The Jubilee field, discovered in 2007 and one of the biggest finds in west Africa of the last decade, is believed to hold up to 1.8 billion barrels of reserves.

© 2011 AFP

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