Tullow Oil has sold 3.5 million out of the 4 million shares it offered on the Ghanaian stock exchange, marking an 88 per cent subscription rate from investors.

The company, which operates its flagship Jubilee field in Ghana, will raise $72.3 million (€50.3 million) as a result of the secondary listing.

Tullow chief executive Aidan Heavey professed himself “delighted” with the result of the share offer, although some had hoped for a higher subscription rate. It is probable that the deal lost some appeal for investors when the London price for Tullow’s shares temporarily fell beneath the Ghanaian offer price of 31 cedis (£12.60/€14.28) during the offer period.