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Tullow to sell oil shares to UgandansPublish Date: Jan 10, 2010
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By Ibrahim Kasita

TULLOW oil, an Irish-based firm exploring for oil and gas in Uganda, plans to sell shares on the Ugandan stock market, a top company official has said.

Brian Glover, the Tullow Oil Uganda operations general manager, said preliminary discussion to list the firm on the stock market were underway.

“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.

Glover did not say when the listing would take place. “We are still in preliminary stages but Ugandans will know the details at an appropriate time when everything has been finalised.”

The USE chief executive officer, Simon Rutega, confirmed in an interview that the oil firm had interest in listing.

Tullow Oil was founded by Aidan Heavey in 1985 in the Republic of Ireland as a gas exploration business. It was first listed on the London Stock Exchange in 1987. It owns BP’s North Sea Gas Fields, Energy Africa and Hardman Resources.

In 2005, the company began drilling its first well in Uganda and has drilled over 27 wells around the Lake Albert region.
Tullow is now drilling in Ghana, Côte d'Ivoire, Sierra Leone, Liberia and French Guyana.

The group has an extensive 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 interests in over 85 exploration and production licences across 23 countries in Africa, Europe, South Asia and South America.

According to Tullow, 800 million barrels of oil have so far been confirmed in Uganda but they are looking at a potential of two billion barrels.

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