Irish oil and gas exploration company Tullow Oil has started trading stock on the Ghana Stock Exchange today.
Shares with a market capitalisation of about 28.18bn Ghana cedis commenced trading at 11am. The stock listed at 31 cedis had already climbed to 31.05 in the first four minutes of trading.
The listing more than doubles the entire market capitalisation of the Ghana Stock Exchange and makes it one of the largest exchanges in sub-Saharan Africa, outside of South Africa and Nigeria.
“This is an historic day for Tullow Oil as our shares begin trading in Ghana for the first time. I am delighted by the success of our offer and excited that we now have a stock market presence in Africa, 25 years after the company was founded,” said chief executive Aidan Heavey (pictured).
The company also admitted more shares to the main markets on the Irish and London stock exchanges.
Tullow Oil has interests in more than 90 exploration and production licences across 22 countries.