Tullow Oil is acquiring the complete stake in EO Group for a combined consideration of shares and cash. The U.K. oil and gas producer will pay a total of around $305 million for the acquisition, which consists of EO’s entire interests offshore Ghana.
As a part of the deal, Tullow will issue 10.13 million of ordinary shares at 10p each in the share capital of the company. The transaction is pending for approvals and assurances from the government of Ghana.
Click here for the release from Tullow Oil.