Petroleum Africa
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Tuesday, January 7, 2014
A host of former Tullow Oil executives have come together to form a new oil company, T5 Oil & Gas, which will have a focus on Africa. The company has raised the majority of its target €5 million in seed capital with full funding to close this month.
Former Tullow Oil chairman Pat Plunkett and a number of former top figures at Tullow, including former exploration manager Gerry Sheehan, ex-Africa director Andrew Windham, Matt O’Donoghue and Steven McTiernan.
The former Tullow executives plan to float T5 in H2 2014 with a primary listing on London’s AIM and a presence on the ISEQ also. London and Dublin stock broker houses will be hired to manage the IPO.
Sheehan spent the past year acquiring two licenses in Senegal, interestingly enough the starting point of Tullow Oil’s African story. It was reported that at least four other Africa licenses will be acquired in coming months.
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