Exploration & Production

Tullow announces $750 million rights issue

Tullow Oil will issue a $750 million rights issue to pay off debts from its exploration activities in sub-Saharan Africa.
By Staff reporter 20 March 2017 0 25119

Tullow Oil will issue a $750 million rights issue to pay off debts from its exploration activities in sub-Saharan Africa, Reuters has reported.

Low oil prices have significantly reduced the company’s oil exploration activities in Ghana and Uganda.

In Ghana, Tullow’s production was hit by a faulty turret at its Jubilee FPSO.

Associated gas from the FPSO is used by a power plant linked to the national grid.

Tullow plans to use the extra cash from the rights issue to continue its activities in sub-Saharan Africa and...