Tullow To Delist Ordinary Shares From Euronext Dublin

Tullow To Delist Ordinary Shares From Euronext Dublin
Tullow Oil has filed an application to Euronext Dublin for delisting its ordinary shares from the market.

Tullow Oil has decided to delist its ordinary shares of 10p each from the secondary listing segment of the Official List of Euronext Dublin. The company filed an application with Euronext Dublin on Monday, September 12, 2022. It is also looking to cancel trading of those shares from the main securities market of Euronext Dublin.

Tullow will continue to remain listed on the premium listing segment of the Official List of the Financial Conduct Authority trading on the Main Market of the London Stock Exchange and the First Official List of the Ghana Stock Exchange, and each of those listings will not be impacted by the delisting from Euronext Dublin.

It is anticipated the delisting will simplify compliance and regulatory obligations of Tullow and is in line with an overall objective to reduce central costs and its purpose.

Any delisting of Tullow's ordinary shares from the Irish market is subject to the approval of Euronext Dublin. It is anticipated that the delisting will take effect on or around October 10, 2022.

The company has also just released its financial results for the first half of the year, posting a profit after tax of $264 million, up from the $93 million reported in the first six months of last year.

"The turnaround of Tullow has gained momentum in the first half of 2022, with solid production from our West African portfolio driving stronger financial performance. We added material, unhedged production in Ghana through the pre-emption of the Kosmos-Oxy deal, and took over the Operations & Maintenance (O&M) of the Jubilee FPSO to ensure that we can sustain the good operating performance and deliver further operating cost improvements. Our drilling program has been very efficient and at current performance levels we will be able to deliver our planned program of wells through next year with just one rig,” stressed Rahul Dhir, Chief Executive Officer, Tullow Oil.

To contact the author, email andreson.n.paul@gmail.com



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