Bloomberg News

Tullow Oil Rises in 1st Ghana Bourse Listing in 2-1/2 Years

July 27, 2011

(Updates with bourse head’s comment in second paragraph.)

July 27 (Bloomberg) -- Tullow Oil Plc, the London-based explorer with the most licenses in Africa, advanced in its first day of trading on the Ghana Stock Exchange.

The stock, which listed at 31 cedis, climbed to 31.05 cedis by 10:04 a.m. in the capital, Accra.

The debut is the West African nation bourse’s first since November 2008, Elizabeth Mate-Koli, head of listing at the exchange, said by phone yesterday. The company sold 3.5 million shares at 31 cedis each, raising 109.5 million cedis ($73 million), Tullow said on July 21.

Tullow, which also trades in the U.K. and Ireland, operates Ghana’s Jubilee oil field, West Africa’s biggest discovery of crude from an offshore field in a decade. Daily output from the field is expected to climb to 120,000 barrels per day by August or September from 80,000 barrels now, according to Tullow.

--Editors: Ana Monteiro, Linda Shen

To contact the reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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