Tullow Oil Raises $560m to Invest in Uganda, Ghana Exploration

1881 Views Kampala, Uganda
Oil exploration company, Tullow Oil, has announced that it has raised 560 million dollars in fresh capital to strengthen its balance sheet in order to fast-track the development of major oil finds in Uganda and Ghana. A statement from Tullow Oil says it sold 67 million new shares in the company, increasing existing issued share capital by 9.1%. Tullow, one of the few companies outriding the credit crunch stock dive, is also nearing completion on raising its debt facilities to two billion dollars. The Tullow chief executive, Aidan Heavey, said he was blown away by support from banks and shareholders. In the trading statement issued yesterday he said the company had its best year in 2008 with phenomenal exploration and appraisal results in Uganda and Ghana. Last year the group enjoyed a 100 percent success rate in drilling in the two countries. It is currently explooring the Teak site in Ghana and the Ngassa well in Uganda, with the expectation of receiving 1.5 billion barrels of oil before the end of mark. statement pointed to potentially high impact exploration wells at Tweneboa and Teak in Ghana and at Ngassa in Uganda. These will target a possible 1.5 billion barrels of oil when in full production.

 

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