Tul­low Oil eyes £607m via rights is­sue

New Straits Times - - Business -

LONDON: Bri­tain’s Tul­low Oil Plc plans a rights is­sue to raise about £607 mil­lion (RM3.33 bil­lion) to cut its US$4.8 bil­lion debt bur­den and make in­vest­ments in drilling and ex­plo­ration in Latin Amer­ica and Africa. Tul­low, whose founder and long-serv­ing chief ex­ec­u­tive Ai­dan Heavey will hand over to chief op­er­at­ing of­fi­cer Paul McDade next month, was hit hard by the col­lapse in oil prices in 2014 just as it was in­vest­ing heav­ily in an oil project off Ghana. Agen­cies

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