Issue of Shares

RNS Number : 9719L

Tullow Oil PLC

14 May 2010

 

Tullow Oil PLC

14 May 2010

Tullow Oil plc ("Tullow" or "the Company")

Tullow announces that on 12 May 2010, it agreed to issue 131,657 ordinary shares of 10p each in the share capital of the Company (the "Shares") to Castle Construction Co. Limited ("Castle") in consideration of the acquisition by Tullow from Castle of 500 shares of US$1 each in Tullow Bangladesh Limited, representing 5% of the issued share capital of that company. The remaining 95% is already owned by Tullow.

Castle was Tullow's original joint venture partner in Bangladesh and acquired its 5% interest in Tullow Bangladesh in 1997. On 12 May 2010, Tullow agreed to purchase that interest for US$2,120,000 to be satisfied by the issue of the Shares, the number of shares being determined using the share price and exchange rates at close of business the previous day, being 11 May 2010.

Application will be made to the UK Listing Authority and the Irish Stock Exchange for the Shares to be admitted to the official list of the UK Listing Authority and the official list of the Irish Stock Exchange and application will be made to the London Stock Exchange and the Irish Stock Exchange for the Shares to be admitted to trading on their respective main markets.

For further information contact:

Graham Martin - Tullow Oil plc            0208 996 1000

Chris Perry - Tullow Oil plc                  0208 996 1000

 

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