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Tullow Oil looks at listings in Ghana

  • SOURCE: | qwesa2big
  • African-focused oil group Tullow Oil is “investigating the possibility” of listing on stock exchanges in Uganda and Ghana, two countries where it has significant operations.

    The statement from the company followed reports in the Ugandan media that the company planned a listing by April this year.

    The New Vision newspaper reported that Brian Glover, Tullow Oil Uganda’s operations general manager, had said preliminary discussions had started.

    “We are exploring the possibility of listing on the Uganda Securities Exchange. We had discussions last week and the idea was welcomed by all stakeholders,” he said.

    The company drilled its first well in the Lake Albert region of Uganda in 2005 and it is currently drilling in Ghana, Ivory Coast, Sierra Leone, Liberia and French Guyana.

    The company is believed to be seeking a listing so local people can invest in the group. Uganda is expected to become a top 50 oil producer by 2015. On listing, Tullow will become the 13th listed on the Ugandan stock exchange, joining companies such as Kenya Airways and British American Tobacco Uganda. The latter is a joint venture between BAT and Uganda and contains the BAT assets that were nationalised by dictator Idi Amin in 1972.

    The Ghana Stock Exchange, based in Accra, has 32 listed securities including Total Petroleum Ghana, the Ghanaian arm of the French oil giant.

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