Thursday 19 October 2017

Tullow Oil gets 95.3pc backing for oil explorer's planned share sale

Founder Aidan Heavey
Founder Aidan Heavey
Louise Kelly

Louise Kelly

Tullow Oil has announced that it had received acceptances for 95.3pc of the shares offered in the planned 25 for 40 rights issue prices at 130p per share.

The new shares will be listed on the London, Irish and Ghana stock exchanges from 8.00am today (Tuesday April 25) and the 4.7pc balance of the rights will now be sold on a best efforts basis by April 26.

Earlier this year, Tullow announced its plans to raise over €600m by selling shares at a discount, aimed at reducing the Anglo-Irish oil explorer's debt pile and invest in drilling sites.

The company's founder and outgoing CEO Aidan Heavey has sold almost one-third of his shareholding in recent weeks to raise funds to purchase shares at a lower price in a discounted rights issue.

Heavey will this week step down as chief executive from Tullow, having founded the company in 1985.

Tullow Oil incoming ceo Paul McDade. Photo: George Brooks
Tullow Oil incoming ceo Paul McDade. Photo: George Brooks

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