Jubilee Oil partner, Tullow Oil plc, says it is likely to double its revenue this year from last year’s US$1.1billion, as first production from Jubilee Field feeds through into results. “I cannot put an absolute figure on it, but because of oil prices being at level they are, and increase of production from Jubilee Field, it will have significant impact on our revenue this year,” Chris Perry, Head of Investor Relations, told Business and Financial Times. Tullow expects capital expenditure for 2011 to be in the region of US$1.5billion (€1billion) as it ramps up production at the Jubilee Field. In April this year, Tullow increased its reserves base lending facility by US$500million to US$3.0billion and said it now has total debt facilities of US$3.65billion. Last month it announced a conditional agreement to pay US$305m in cash and shares to acquire Ghana’s EO Group. The deal increases Tullow’s shareholding in Jubilee, which is expected to reach “plateau production” of 120,000 barrels per day in July, by rising 1.75 percent to 36.5 percent. In fulfilling an earlier promise to offer locals the opportunity to invest in exploration of the country’s oil finds, Tullow has opened its offer for 4,000,000 shares to be listed on the Ghana Stock Exchange (GSE) at an offer price of 31 Ghana cedis per share. The offer price represents a 2.57 percent discount to the closing price of the UK shares on the last trading day prior to the announcement of the flotation price. It is expected that admission of the offer to the GSE will take place on July 27, 2011. The offered shares represent approximately 0.45 percent of Tullow’s existing issued ordinary share capital. “This listing and share-offer further demonstrates Tullow’s long-term commitment to Ghana,” said Paul McDade, Tullow’s Chief Operating Officer. “We have strong indications that there's high investor interest. We are hoping it’ll go well and be oversubscribed.” Stock analysts also expect the offer to be oversubscribed - not mainly due to heavy demand for the shares of the oil exploratory firm, but largely on the back of the relatively low number of shares available on offer. But Derrick Mensah - Analyst, Corporate Finance & Research, SIC Financial Services Limited - believes local institutional investors such as Social Security and National Insurance Trust (SSNIT) could easily mop-up the entire offer. “International investors with the financial muscle are likely to be on hand to push demand up considerably, since they can easily buy the shares relatively cheaper on the Ghanaian market and sell at a higher price on either the London Stock Exchange or Irish Stock Exchange,” Derrick said. In Africa, Tullow has production in Ghana, Gabon, Côte d'Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea with two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d'Ivoire, Liberia, Sierra Leone, Mauritania, Senegal, Tanzania, Madagascar, Namibia, Kenya and Ethiopia. Source: Tullow Oil plc/Ghana