Africa may be the jewel in the Tullow crown but there are other intriguing assets, not least the acreage offshore South America. Ever willing to embrace new concepts, Tullow now has an unrivalled position on this continent.
The theory, Heavey explains, is that before the Atlantic existed, a time when the oil rich basins offshore Cote d'Ivoire, Ghana and Liberia were being laid down, exactly the same thing was happening a short distance away off the coast of what is today South America.
It is a novel idea, but using seismic surveys Tullow's geophysicists have identified major prospects offshore Guyana, Suriname and French Guiana which mirror those on the African side.
And who would bet against one of these giant prospects repeating the luck Tullow has enjoyed on the African side of the Atlantic?
If anyone doubts the quality of such projects, they need only look at its funding record for the past year.
As well as the successful placing of 67 million shares, which raised €428m in January, it took in a massive $2bn in bank funds -- right at the peak of the credit crunch.
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from
https://www.independent.ie/business/irish/from-minnow-to-giant-its-been-a--26year-journey-of-great-discovery-1761065.html
June 4 2009
For those who don't know, Tullow recently bought a share of the Repsol prospect in which CGX owns a 25% share.