Tullow confirms Energy Africa takeover
UK-based independent oil and gas exploration and production company Tullow Oil has confirmed the takeover of the South Africa-based oil and gas company Energy Africa - a move that Tullow estimated would cost approximately £280 million (EUR 419.5 million, See ESGM 10.086).
Tullow has confirmed that the holders of around 92.9% of Energy Africa’s shares have accepted their takeover offer, which the company will finance partly through a new share placing expected to raise £120 million. The new, combined company is expected to have an output of over 50,000 barrels of oil equivalent (boe) per day and proven and probable reserves of 175 million boe.
Tullow’s African interests include assets in the Ivory Coast and Cameroon, while Energy Africa has assets in Egypt, Morocco and Senegal - among other African states.
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