2011-06-17-2011-05-26

To buy company's entire interests offshore Ghana, including 3.5% WI in West Cape Three Points license offshore Ghana & 1.75% WI in Jubilee oil field.

Tullow Oil Plc, London, (London: TLW) plans to acquire the interests of Ghana-based EO Group Ltd. for $305 million in cash and stock.

Tullow will issue 10.1 million shares valued at US$216 million and will pay the balance in cash.

The assets include EO Group's entire interests offshore Ghana. This acquisition increases Tullow's interest in the West Cape Three Points license offshore Ghana by 3.5% to 26.4% and increase the Tullow's interest in Jubilee oil field, which Tullow operates, by 1.75% to 36.5%.

This deal follows on the heels of Tullow's recently announced offer to buy North Sea-focused Nuon E&P from Stockholm-based Vattenfall Group for US$439 million (€300 million) in cash.

Tullow chief executive Aidan Heavey says, "This acquisition represents an excellent opportunity to extend our interest in these high-quality assets in Ghana. Following our exploration and production successes over the last few years, which culminated in First Oil in late 2010, this purchase further demonstrates Tullow's long-term commitment to Ghana and our belief in its significant remaining potential."