Tullow Oil, the exploration and production company that has had spectacular success in finding oil in Africa, is expected to announce a share placing Wednesday morning to raise about £400m.
The issue, worth about 10 per cent of the company’s market capitalisation, will help Tullow refinance its debts and develop its oil discoveries and prospects in Ghana and Uganda. By late Tuesday, talks between the company’s advisers and investors were continuing, but some of Tullow’s leading shareholders had already signed up for the placing, a person with knowledge of the discussions said.
