Tullow Oil Plans Share Offerings in Uganda, Ghana as Development Ramps Up

Tullow Oil Plc, the U.K. explorer with most licenses in Africa, plans to sell shares in Uganda and Ghana.

“We are still planning cross-listings in both Uganda and Ghana and a small public offering in each jurisdiction,” Jimmy Kiberu, a spokesman for the company’s Ugandan unit, said in an e-mailed response to questions.

Tullow made contact with Uganda’s Capital Markets Authority and the stock exchange and plans to lodge documentations for both the listing and public offering in September, he said, without giving details of the size of the planned sale.

“Assuming a normal timetable thereafter, we are currently on track to launch the cross-listing and share offering in October,” Kiberu said.

Last month, Uganda conditionally approved Tullow’s purchase of assets from Heritage Oil Plc.

Uganda, with a population of 32 million and a $16.6 billion economy, is set to become an oil producer when London-based Tullow begins production at the Kasamene field next year. The country is Africa’s biggest grower of robusta coffee.

The explorer, which trades in London, plans to bring in China National Offshore Oil Corp. and Total SA as partners to develop the country’s oil industry.

London-based Tullow, together with Heritage, has found commercially viable oil deposits in Uganda. The country has an estimated 2 billion barrels of oil, with 800 million barrels already discovered, according to Tullow.

To contact the reporter on this story: Fred Ojambo in Kampala via Johannesburg at pmrichardson@bloomberg.net

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