{"id":433049,"date":"2011-05-30T23:00:46","date_gmt":"2011-05-30T23:00:46","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/30\/tullow-to-acquire-eo%e2%80%99s-305bn-interest-in-ghana\/"},"modified":"2011-05-30T23:00:46","modified_gmt":"2011-05-30T23:00:46","slug":"tullow-to-acquire-eos-305bn-interest-in-ghana","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/30\/tullow-to-acquire-eos-305bn-interest-in-ghana\/","title":{"rendered":"Tullow to acquire EO\u2019s $305bn interest in Ghana"},"content":{"rendered":"
\n

Tullow Oil, operator of the Ghanaian\u2019s jubilee field has 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.<\/p>\n

This acquisition will increase Tullow\u2019s interest in the West Cape Three Points license offshore Ghana by 3.5% to 26.4% and increase the Group\u2019s interest in the world-class Jubilee Oil field, which Tullow Operates, by 1.75% to 36.5%.<\/p>\n

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.<\/p>\n

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 May 24, 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\u2019s Ghanaian assets.<\/p>\n

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

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.<\/p>\n

Aidan Heavey, Tullow\u2019s Chief Executive, commented, \u201cThis acquisition represents an excellent opportunity to extend our interest in these high-quality assets in Ghana.<\/p>\n

Following our exploration and production successes over the last few years, which culminated in First Oil in late 2010, this purchase further demonstrates Tullow\u2019s long-term commitment to Ghana and our belief in its significant remaining potential.\u201d<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

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\nTullow to acquire EO\u2019s $305bn interest in Ghana<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tullow Oil, operator of the Ghanaian\u2019s jubilee field has 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\u2019s interest in the West Cape Three Points license offshore Ghana by 3.5% to 26.4% and increase the Group\u2019s 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<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-433049","post","type-post","status-publish","format-standard"],"yoast_head":"\nTullow to acquire EO\u2019s $305bn interest in Ghana - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/30\/tullow-to-acquire-eos-305bn-interest-in-ghana\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Tullow to acquire EO\u2019s $305bn interest in Ghana - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Tullow Oil, operator of the Ghanaian\u2019s jubilee field has 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. 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