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Business News of Monday, 9 March 2009

Source: Bloomberg

More Oil Discovered

... Gets $2 Billion Loan
Tullow Oil Plc has made a further discovery in Ghana, sending the shares to their biggest gain in three months. The U.K. explorer also raised $2 billion in loans to fund developments and refinance debt.

The London-based company plans to invest about $3.1 billion in developing the Jubilee field off Ghana and start pumping oil there in 2010. Tullow is targeting about 4 billion barrels of oil and gas resources in the Gulf of Guinea off Ghana and Ivory Coast.

“Tullow now has ample funds at its disposal to bring Jubilee, its offshore Ghana discovery, through the development phase and into production,” Gerry Hennigan, an analyst with Goodbody Stockbrokers in Dublin, said today in a report.

Tullow gained as much as 13 percent in London trading, the biggest intraday gain since Dec. 11. The shares were 44 pence higher at 779 pence as of 10:05 a.m. local time.

The new loan is split between a Senior Facility of $1.785 billion, a Junior Facility of $100 million and $115 million from the International Finance Corp., the World Bank’s private-sector lending arm, with a final maturity of December 2015, Tullow said in a statement. The margin on the Senior and IFC facilities, depending on the level drawn, is up to 3.75 percentage points over the dollar London interbank offered rate.


The loans have been provided by BNP Paribas SA, Royal Bank of Scotland Group Plc, Barclays Plc, Calyon, ING Bank NV, Lloyds TSB Bank Plc, Natixis SA, NIBC Bank NV, Societe Generale SA, Standard Bank Plc, Standard Chartered Plc, Sumitomo Mitsui Banking Corp. and Bank of Scotland Plc, the oil explorer said.

Separately, Tullow said it “discovered a significant highly-pressured light hydrocarbon accumulation” in the Deepwater Tano license offshore Ghana.

The Tweneboa-1 well was drilled to a depth of 3,593 meters (11,800 feet) and is currently being drilled deeper “to further assess the discovery and the up-dip limit of a potential deeper fan system.”

The discovery marks a “considerable success,” Job Langbroek, an analyst at Dublin-based Davy Stockbrokers, said in a research note today. “The well could have a material impact on the exploration program in the offshore Ghanaian blocks as the next well could be a follow-on to Tweneboa.”

Kosmos Energy LLC, Ghana National Petroleum Corp. and Anadarko Petroleum Corp. also hold stakes in the Deepwater Tano license.

George Owusu | | | | | V | Kan Dapaah Foundation | | | | | V |---> Kan Dapaah | | | | | V |--> ?????? Isn't it interesting that a personality that was helping Eric Amoateng to smuggle drugs in ceramics to the US was at the same time exporting the same ceramics to an NGO (a Kan Dapaah Foundation). To make the issue more intriguing, is the fact that just as NACOB (an arm of the ministry of Interior) was investigating Kan Dapaah about this drug case, ex-president Kufour deemed it proper to put the Kan Dapaah in-charge of the ministry of interior. What could the motive be? Was is to scuttle the investigation by NACOB? Trust me, there are more facts to come out. ) [4566297] => Array ( [subject] => Parasitic Ewes [parent] => 4565097 [author] => Hayford Inzukyir Ekuban [datestamp] => 2009-03-09 22:35:05 [body] => Just shut up Ewes.Koomsoon is telling you good-for-nothing people the truth.Im my village of Eludozu, you people are known to steal fishing and destroy native-owned fish nets.Is that how you treat your host?Ungrateful bunch.You're the only people in Ghana who don't contribute any meaningful natural resources but enjoy the largest share of govt hand-outs.The oil in W/R will be monitored by we the Nzemas and Ahantas with eagle eyes. ) [4566303] => Array ( [subject] => Parasitic Ewes [parent] => 4564904 [author] => Hayford Inzukyir Ekuban [datestamp] => 2009-03-09 22:43:59 [body] => The oil belongs to Nzemas and Ahantas period.You Ewes don't have any natural resources but through nepotism and treachery enjoy the lion's share of the country's funds.We accept you to fish alongside us and we've in many cases been dealt wrong cards.The cases of missing or vandalised fish nets and abducted children are still fresh in our minds.KOOMSON albeit a Fanti knows the stake, and ia telling the truth.Leave him alone!!1 ) [4566307] => Array ( [subject] => UNGODLY SLOWMINDED EWES [parent] => 4566239 [author] => SUPREME ASHANTIS [datestamp] => 2009-03-09 22:51:06 [body] => i wonder how sycophants ungodly ewes claim to be intelligent ? how do you equate intelligence to stupidity.?ewes ungodliness blinds them not to address their primitive ,inward looking posterity .how can you claim intelligence when ur tribes drink blood and appease their gods with innocent human blood? how can a canballistic tribe like ewes profess to be smart ?who told u ewes are the brains in ghana?ewes are the most pathetic ,ignorant ,shallow minded people in ghana .cant u see why ur land is infested with roaches?how many ewes has a descent house in the volta region ?ur paganism has brought Gods anger to ur land perpetually.look at jj and tsatsu tsika ? look the way they dress upon all the stolen money .everything about ewes are is zero .ewes dont have no defnite culture neither does ur tribe have any meaninful identity when it comes to ghanas anthropology.why dont u silly drones go back to togo where u originated from and leave us alone ?u ewes have countless ocassions seek to destablise our country by staging repeated abortive coups .history tells me that everytime barbaric ewe tempt a coupas aleader is abortive .letys enumerate them jj ,kojo tsikat a ,amedeka the infamous one man one matchet .consider the barbaric agenda this devil ewe wanted to do .does this sound like a human being? and thats how all ewes think likewise .now tell me why ewes thinking about coups all the time ? i will tell u why because their nature is evil . ) [4566318] => Array ( [subject] => WISE UP IDOL EWES [parent] => 4566307 [author] => SUPREME ASHANTIS [datestamp] => 2009-03-09 23:13:50 [body] => EWES WHAT CONTRIBUTION DO U ADD TO GHANAS ECONOMY?ZERO.UR LAND IS CURSED BY GOD BECAUSE OF UR UNGODLY SINS .EWES CAN HARDLY MAKE A FARM TO FEED THEIR MEAGRE POPULATION AND STILL CLAIM SMART .ARE U EWES STUPID OR DUMMY? EWES ARE LAZY THEVIES ALWAYS TRYING TO TAKE FROM THEIR NEIGHBOR .UNTIL EWES DESISTS FROM THEIR UNGODLY WAYS AND CLEAN THEIR DIRTY IDOL HEARTS. THEY WILL STEAL ALL THE MONEY IN GHANA BUT WILL ALWAYS REMAIN THE SAME .LIKE JJ AND TT,WEARING THAT UGLY PYJAMAS ALL THE TIME .AM SURE THEIR GODS DICTATES TO THEM WHAT TO WEAR AND DRINK BLOOD SO AM NOT SURPRISED EWES WISER UP AND GIVE UP UR CANNIBALLISTIC AND IDOL WAYS ) [4566330] => Array ( [subject] => ALL EWES LEARN TWI OK [parent] => 4565226 [author] => SUPREME ASHANTIS [datestamp] => 2009-03-09 23:36:12 [body] => FOOL DO U KNOW THE MEANING OF BEST ?WHAT DIALECT IS COMMONLY SPOKEN IN GHANA ?FOOL IS IT NOT AKAN ? THAT TELLS U WHO IS THE BEST .STUPID FOOL IF I CALL U NOW U CAN AT LEAST MAKE UP A REASONABLE SENTENSE LIKEWISE ALMOST 99 PER OF GHANAIAN POP .BUT DO U THINK I WILL BE A FOOL TO LEARN HOW TO SPEAK TRAKOSI EWE DIALECT? WHAT FOR ?WHAT BENEFIT WILL I GET TO LEARN HOW TO SPEAK EWE?BUT ALL GHANAIANS ARE COMPELLED TO LEARN TO SPEAK TWI THAT IS EW ARE THE BEST AND U PEOPLE ADDRESS ASHANTIS ;SUPREME; NOW UNGODLY EWEMAN KNOW WHO IS THE BEST ) [4566335] => Array ( [subject] => UNCIVILIED EWES [parent] => 4565451 [author] => SUPREME ASHANTIS [datestamp] => 2009-03-09 23:50:16 [body] => SAY UGLY TSIKATA .DOES HE NEEDS SOME CLOTHES ?TELL TT TO STOP WEARING PYJAMAS LIKEWISE JJ. ARE U EWES LOSING UR MIND ?UR IDOL gods ARE ARE DRIVING U CRAZY .WHO CARES ABOUT CARPENTERS .HALF EWE POP ARE CARPENTERS QUARTER LIVING ON KETA SCH BOYS AND THE QUARTER IN ARMY .DOES THAT SOUND SMART PEOPLE ?NO I DONT THINK SO ) [4567048] => Array ( [subject] => re:ewes shut [parent] => 4566096 [author] => BOAT [datestamp] => 2009-03-10 07:05:56 [body] => GOD FORGIVE YOU AND YOUR BAD INTENTIONS. AT THIS COMPUTER AGE YOUR ARE LOOKING FOR CIVIL WAR, BY YOUR WORDS EVERY ONE KNOW YOUR ARE THE MOST BLOODING PERSON, HOW CAN I FIGHT MY WIFE WHO IS ASHANTI. ONE UNEDUCATED EWE IS BETTER THAN THOUSANDS AHANTI MEN WHO THINK LIKE YOU. AS FAR AS EWES REMAIN IN THE COAST OIL WOULD BE DISCOVERED IN THE KETA VILLAGE SEA, GOD WILL MAKE A WAY WHEN THERE SEEM TO BE NO WAY. ANY ASHANTI WHO NEVER KILL NOR WORSHIP IDOL SHOULOD COME FOWARD. KETA SCHOOL BOYS AND GOLD ARE SERVING TWO DIFFERENT PURPOSE OF GOD. JEDGE NOT, SO YOU SEE UNGODLY EWE THINK BETTER THAN GODLY ASHANTI MAN LIKE YOU. ) [4567198] => Array ( [subject] => ONUA [parent] => 4566262 [author] => Babatunde Olotunji [datestamp] => 2009-03-10 08:06:54 [body] => Trust me. I enjoy the attention but i have my reasons for being so annoying... ) [4567481] => Array ( [subject] => CUZ OF THE OIL GHANAINAS ARE [parent] => 4564904 [author] => KOJO [datestamp] => 2009-03-10 09:45:00 [body] => THEY SHOULD NOT DRILL ANY OIL.THE THINGS ARE GOING TO COME AFTER THAT IS OUR WATERS N STREAMS ARE GOING TO GET FUCKED UP LIKE OTHER PLACES IN AFRICAN THE PRODUCT OIL. MILLS WANT TO SPEND OUR MONEY. NDC WANT TO PUT GHANA IN DEBTS. ) [4567498] => Array ( [subject] => africa we need tcnlogys nt oil [parent] => 4564904 [author] => mkyh [datestamp] => 2009-03-10 09:50:03 [body] => africa we need technology's not oil.because the oil is oready available from our creater allah.our colonial powers are not going to teach us how to this technology's and advance on our own because we still under modern slavery's which is more severe than the old.because we go to thier schools and get thier degree;s on papers.please remember this degree is just human resources also delussion.why?because they came and colonize us and kill all our scientists engineers all our good peoples and stole from go to thier school which is good for our day to day's yet we need to create our own educational system then we can advance there is northing with africans to have a job in the office ress nice then honorable this honorable that professor this professor that which is pretty good yet are we inventing something out of that? the answer is no but rebel against each others everyday in the name of politics or corruptions.yet remember there is corruptions in the usa in europe all over the world even the whole entire jewish state and united state of america and its entirety is build upon corruptions.yet we aricans the only solutions to try our possible best to aquire technologys how to build africa on our own not to course havoc etc.please who ever read this if you close to any goverment entities or journalist please give them the message because this is very important to us then politics or politicals gonna keep on writting this until the day allah nyame the almighty.will free africa and its entirety out westerness hands ameen peace for now nkrumah legacy ) [4567596] => Array ( [subject] => WHERE IS THE NPPS? [parent] => 4564904 [author] => ASEM WO MANO [datestamp] => 2009-03-10 10:24:07 [body] => God does not sleep. The NPP guys could have brought war into Ghana should they have been in power before the oil is drilled. What A Nation? ) [4567608] => Array ( [subject] => Mills obodom tesamena ho!!!!!! [parent] => 4564904 [author] => Hmmm. [datestamp] => 2009-03-10 10:27:04 [body] => NDC Gov't currupton begins. ) [4567683] => Array ( [subject] => Re: THIS IS AKAN'S OIL NOT EWES [parent] => 4565261 [author] => ANOKYE [datestamp] => 2009-03-10 10:44:45 [body] => THIS IS GHANA OIL NOT AKAN OIL. STUPID ROYAL AKANS. ) [4567801] => Array ( [subject] => Re: BI-PARTISAN OIL MANAGEMENT [parent] => 4565267 [author] => livity CHINA [datestamp] => 2009-03-10 10:59:17 [body] => Brilliant piece.BABATUNDE.GOD BLESS YA. ) [4567856] => Array ( [subject] => ONE LOVE [parent] => 4566096 [author] => livity CHINA [datestamp] => 2009-03-10 11:06:58 [body] => STOP THIS AKAN AND EWE THING BEFORE IT ESCALATES.LUNATICS FROM BOTH SIDE. ) [4568045] => Array ( [subject] => RE:DONT LET THE EWE STEAL OIL [parent] => 4565574 [author] => EFOGA [datestamp] => 2009-03-10 11:41:54 [body] => YOU ARE SICK IN THE HEAD ) [4569477] => Array ( [subject] => EWES TURN FROM UR EVIL WAYS [parent] => 4567048 [author] => SUPREME ASHANTIS [datestamp] => 2009-03-10 20:09:23 [body] => I WILL APPRECIATE GREATLY IF U CAN ADVISE UR UNCIVILISED EWES TO CLEAN THEIR DIRTY UNGODLY HEARTS. BOAT U DEFNITELY KNOWS AS WELL AS I DO THAT EWES ALWAYS EMBRACE EVIL . WHY JJ IS IRRITATING FOR THE FACT THAT MILLS HAS NOT YET IMPRISONED NPPS ?CONVENTIONAL WISDOM TELLS EVERY GHANAIAN THAT EWES LOVE EVIL .IMAGINE EWES IG THE LEAST POP IN GHANA YET EVERY ABORTIVE AND COUP DETATS HAS BEEN LED BY EWES . DOESNT THIS NOTION SUPPORTS MY ARGUEMENTS?CONSIDER IF THE INFAMOUS ONE MAN ONE MATCHET ABOTRTIVE COUP BY AMEDEKA SUCCEDED ?WHAT IN THE WORLD CAN A HUMAN BEING SIT DOWN AND ORCESTRATE SUCH A DIABOLICAL THOUGHTS ?ONLY AN EWE CAN DO THAT .SO BOAT U BLAME ME WHEN I KNOW EWES HAS AND STILL PERPETUATE OR HARBOR THIS EVIL IDEAS?CAN ASHANTIS RESIDE PEACEFULLLY IN EWE LAND FOR A DAY WITHOUT GOING THROUGH HELL ? BUT TURN AROUND AND SEE HOW ASHANTIS HAS ALLOTED A VAST AREA IN THE HEART OF KUMASI CALLED ANLOGA TO ENJOY SUCH A BUOYANT BUSSINESS FOR CENTURIES .DOES THIS DEPICTS ASHANTIS AS WICKED PEOPLE?FOR EX WHEN ACHEAMPONG WAS IN POWER THERE WAS COUNTLESS ABORTIVE COUPS AGAINST HIM ESP KOJO TSIKATA BUT NONE OF THESE GUYS WERE EXECUTED BUT CONTRARY TO JJ S REGIME U DONT EVEN HAS TO PLAN A COUP AND YOUR FAMILY CAN BE WIPED OUT SLATE CLEAN .LETB ME TELL U ALL THOSE INNOCENT BLOOD INCLUDING THE JUDGES ARE CRYING UNCEANSINGLY UNTIL JJ AND HIS EWES CONFIDANT INCLUDING K TSIKATA =COME FACE TO FACE WITH THEIR CREATOR .I HAVE ONE CLEAR MESSAGE TO JJ AND HIS PALS JUDGEMENT IS AWAITING THEM .BOAT U DISTORT AND HOLD UNRIGHTEOUSNESS IN TUTH BUT REMBER U CAN FOOL GOD . SO EWES CAN ENJOY NOW BUT REMEMBER THE END .WHY CANT EWES EMBRACE PEACE AND ESCHEW WICKEDNESS AND WITCH HUNTING ALWAYS WORRIED HOW SOMEBODY AQUIRED WEALTH .EWES ARE UNLUCKY DEMOGRAHIC ALLY NOT BLESS TO ENJOYB THE LUXURY ASHANTIS HAVE WITH AL THOSE NATURAL RESOURCES BUT DOESNT WARRANTOR COMPELLS U TO BE ASHANTI HATERS .THAT IS INSANE AND LUDICULOUS .EWES HAVE A CHANGE HEART . ) [4569494] => Array ( [subject] => THINK BEFORE U TALK BUSANGA [parent] => 4565004 [author] => SUPREME ASHANTIS [datestamp] => 2009-03-10 20:18:30 [body] => FOOLISH BUSANGA .WHERE ARE THE FRUITFUL RESULTS ? ARE U A MORONE ?WISEUP ) [4581695] => Array ( [subject] => Repayment [parent] => 4564905 [author] => albert ansah [datestamp] => 2009-03-14 21:25:35 [body] => tsikata and the ndc is ready to steal every drop of oil found in ghana.They are poised to manipulate and lie to the masses. ) [4587199] => Array ( [subject] => Drill Baby Drill!!! [parent] => 4564904 [author] => Zeus [datestamp] => 2009-03-16 23:20:35 [body] => Keep drilling until every Ghanaian owns a well. ) ) ) -->