Oil explorer Tullow Oil is launching a share sale equal to around 10 per cent of issued shares, which could raise around £400 million, to help finance the development of new oil finds.
Chief executive Aidan Heavey said the company was also on track to seal a deal on the $2 billion bank refinancing package in February.
Tullow's finds in Ghana and Uganda contributed to a 500 per cent reserve replacement rate in 2008, Mr Heavey added. Tullow has also dropped its planned sale of its stake in the M'Boundi oil field in Congo.
Reuters
