Tullow lines up Ghanaian ‘masterstroke’

Issue 206 - 02 Apr 2011 | 2 minute read
Tullow Oil’s reported $300m bid to buy the West Cape Three Points Block stake held by EO Group – owned by former president John Kufuor’s allies Kwame Bauwah Edusei and George Owusu – not only raises the London-listed firm’s stake in the highly prized Jubilee field to almost 26.5%, it also represents what Accra observers call a ‘masterstroke’ to overcome thorny political questions that have blocked previous asset sales, including Kosmos Energy’s effort to sell its 23.49% Jubilee stake toExxonMobil for $4.3bn. EO’s directors are still being investigated in Ghana for alleged corruption (cases having been dropped in the US).

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