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Tullow is banking on the oil rush in forgotten West African prospects.
(From Irish Independent)
TULLOW Oil surprised the market last week with news of a proposed bid forEnergy Africa, a Johannesburg-based oil explorer.
Not only will the deal bolster Tullow's portfolio of assets in Africa, by virtually doubling its output, it will also place it in an extremely strong position to bid for new acreage in a number of licensing rounds about to be launched by countries in the West African region.
West Africa is one of the least explored basins on the planet, and was where Tullowembarked on its journey as an international explorer 20 years ago, so it knows the region well.
Energy Africa is 65pc-owned by Petronas, the Malaysian state oil company, and25pc-owned by a group of African investors.
The deal will double the Irish-based explorer's size and increase current daily oil output of25,000 barrels by 22,000 barrels a day.
Crucially, Tullow has already secured a period for exclusive negotiations with shareholders who own 90pc of the shares, including Petronas.
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