Thursday, July 21, 2011

Tullow says just over 3.5 mln share sold in Ghana listing

ACCRA, (Reuters) - Tullow Oil allotted just over 3.5 million of the 4 million shares it had offered in a secondary listing on the Ghana stock exchange, the oil company said on Thursday.

The shares were offered at 31 cedis ($20.5) per share. The firm, which spearheaded the start-up of Ghana's oil production late last year, said first day of trading for the new shares would be on July 27.

Ghana's bourse has encouraged international firms operating in Ghana to list on the Ghana Stock Exchange to increase local participation in their activities and boost liquidity on the bourse, the lack of which has been a major investor complaint.

"I am delighted by the success of our offer on the Ghana Stock Exchange, the largest primary share offer ever completed in Ghana," Tullow Chief Executive Aidan Heavey said in a statement.

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

Ghana's oil output is due to hit 120,000 barrels per day in August as the production in the Tullow-operated Jubilee field is ramped up.

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