Thursday, 26 May 2011
Tullow to acquire EO Group's Ghanaian interests
The date of the transaction is 1st December 2010. The agreement is conditional on the receipt of various approvals and assurances, including from the Government of Ghana. Upon completion, an application will be made to the UK Listing Authority and the Irish Stock Exchange for the shares to be admitted to the official list bodies.
Speaking about the deal, Tullow's Chief Executive Aidan Heavey said: “This acquisition represents an excellent opportunity to extend our interest in these high-quality assets in Ghana. Following our exploration and production successes over the last few years, which culminated in First Oil in late 2010, this purchase further demonstrates Tullow's long-term commitment to Ghana and our belief in its significant remaining potential.”
For more news and expert analysis about Ghana, please see Ghana Politics & Security.