TULLOW OIL AND GAS NOW PLANS TO HAVE ITS SHARES LISTED IN UGANDA’S STOCK EXCHANGE FOR LOCAL INVESTORS TO BUY
Business News By Leo Odera Omolo
TULLOW oil, an Irish-based firm which is exploring for oil and gas in Uganda, now says it plans to sell its shares to the Ugandans on the stock market.
He company top official, Mr Brian Glove, disclosed that plans to have his company shares listed in the stock market were under way. He disclosed this in an interview published by the government owned NEWVISION this morning.
In 2005, the company began drilling its first well in Uganda and has since drilled over 27 wells around Lake Albert, in Western Uganda region.
According to Tullow, 800 million barrels of oil have so far been confirmed in its wells in Uganda, but the company is looking at the potential of two billion barrels.
Mr Glove, however, did not say in the published report as to when listing of the shares would take place. “We are still in preliminary stages, but Ugandans will know the details at an appropriate time, when everything has been finalized”.
“We are exploring the possibility of listing on the Uganda Securities Exchange. We had already discussed the idea and found it most welcome by all shareholders”, Grove, who is the company’s Uganda operations general manager said , adding that preliminary discussions to list the firm on the stock market were underway.
Tullow Chief Executive Officer {CEO} Simon Rutega, confirmed in the same report that the firm had interest in listing.
Tullow Oil was founded by Mr Aidan Heavey in 1985 in the Republic of Ireland as a gas exploration business. It was listed on the London Stock Exchange in 1987. It owns BP’s North Sea Gas fields, Energy Africa and Hardman Resources.
It is now drilling oil and gas in Ghana, Cote d’voire, Siera Leone, Liberia and French Guyana. The group has an exclusive portfolio of exploration assets, which offer high impact and long term growth opportunities.
Tullow oil is one of the largest independent oil and gas exploration and production companies in Europe. It has interest in over 85 exploration and production licenses across 23 countries in Africa, Europe, South Asia and South America.
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