KAMPALA Uganda (Dow Jones)—-Tullow Oil Uganda Operations, a unit
of UK-based Tullow Oil PLC (TLW.LN) is preparing to sell some of
its shares on the Uganda local stock market this year, officials
said Monday.
Simon Rutega, chief executive of the Uganda Securities exchange,
said that the company started talks with relevant government bodies
over listing of its shares to allow Ugandans acquire a stake in the
company. The company is expected to list the shares in April this
year.
Tullow Oil plans to cross-list its shares in Kampala and they
will trade at the prevailing price of the company's shares in
London on the day of listing, Rutega added.
According to Rutega, it will be the first time the company's
shares are traded in Africa. Tullow Oil has made significant oil
discoveries in Africa in the past couple of years, notably in
Uganda and Ghana.
Brian Glover, the Tullow Oil Uganda Operations manager, told
local media that preliminary discussion to list the company on the
stock market started last week.
"We are exploring the possibility of listing on the Uganda
Securities Exchange. We had discussions last week and the idea was
welcomed by all stakeholders," he was quoted as saying by the
state-run New Vision newspaper.
Tullow Oil is currently looking for investment partners to
develop the Ugandan oil fields, the company is set to start
appraising its oil fields this year in a bid to establish the size
of the Ugandan oil reserves ahead of oil production.
-By Nicholas Bariyo, contributing to Dow Jones Newswires; +256
75-262 4615; bariyonic@yahoo.co.uk