Tullow Oil plc (Tullow) has announced the appointment of Dorothy Thompson as independent non-executive Director and Chair-designate of Tullow. The appointment takes effect from the conclusion of the Group’s Annual General Meeting (AGM) on 25 April 2018. It is anticipated Dorothy will succeed Aidan Heavey, Tullow’s current Chairman and Founder, as Chair at the conclusion of … Read more
Tullow Oil plc, one of the biggest players in the country’s oil fields, is to raise £586 million through a Rights Issue in a move expected “to assist the Group to accelerate the reduction of its debt.” The proposed issue of 466,925,724 new ordinary shares will be at an issue price of 130 pence per … Read more
For the third consecutive year, Tullow Oil plc has, at the end of 2016, reported an operating loss of $754.7 million, which is, however, 31percent better than the $1.09 billion loss it posted in 2015. Tullow’s 2016 full year report, released yesterday, shows sales revenue for 2016 dropped by a negative 21%, from $1.61 billion … Read more
Tullow Oil plc (Tullow), the independent oil and gas exploration and production group, has bagged a full-year revenue of $1.3billion for the year ended 31 December 2016. 2016 FULL-YEAR RESULTS SUMMARY • Revenue of $1.3 billion; post tax loss of $0.6 billion after write-offs and impairments. Operating cash flow of $0.8 billion. • Year-end 2016 … Read more
Tullow Oil plc (Tullow) has announced that the Erut-1 well in Block 13T, Northern Kenya, has discovered a gross oil interval of 55 metres with 25 metres of net oil pay at a depth of 700 metres. The overall oil column for the field is considered to be 100 to 125 metres. The objective of … Read more
The current founder and Chief Executive officer of one of the world’s leading producers of oil, Tullow Oil plc, Aidan Heavey will retire from his current position effective April 26, 2017. Mr. Aidan Heavey will be succeeded by the current Chief Operating Officer of the company Paul McDade who will assume the position after Tullow’s … Read more
Founder and current CEO of Tullow Oil Aidan Heavey is to take up the position of chairman of the Tullow group. The move is however subject to approval by shareholders through a vote on its next AGM which is slated for 26 April, 2017. A statement from Tullow on the matter said ”Mr. Heavey’s tenure … Read more
The World Bank Group has provided another $517 million to Ghana in debt and guarantees to support the $7.7 billion Sankofa oil and gas project. This brings to a total of $1.217 billion provided by the group after it initially injected $700 million in the project which is being developed by Italian Firm ENI SpA … Read more
The Agricultural Development Bank (ADB) yesterday begin trading on the Ghana Stock Exchange after having successfully raised about GHc325.7 million in its Initial Public Offer (IPO). With a total applicant of 405, adb sold out 122,937,718 ordinary shares with majority going to the institutional shareholders. The Retail applicant’s total shares bought represents 98.77percent of the … Read more
The yield on the Government of Ghana 182-day treasury rate edged up by 0.01 per cent to settle at 24.70 per cent at the auction in the week ending September 23. However, the rest of the yields on the government treasury securities remained unchanged. The government accepted GH¢976.79 million worth of bids for the auction. … Read more
The 182-day treasury security rate decreased by two basis points to settle at 24.69 per cent. All other treasury securities maintained their respective yields at the close of the week. The government accepted all GH¢1,369.55 million worth of bids tendered at the auction held on Friday September 2, 2016. The total amount however exceeded the … Read more
Ghana will double crude production by 2017 as offshore deposits being developed by Tullow Oil Plc and Eni SpA start producing oil, Minister of Energy Emmanuel Armah-Kofi Buah said. Tullow’s TEN development will produce about 80,000 barrels a day by then, the minister said by phone today. Eni’s Sankofa Gye-Nyame deposit will pump 50,000 barrels, … Read more