LONDON, Jan 21 - UK-based oil explorer Tullow Oil (TLW.L) said it was launching a share sale equal to around 10 percent of issued shares, which could raise around 400 million pounds ($561.9 million), to help finance the development of new oil finds.
Tullow Chief Executive Aidan Heavey said the company was also on track to seal a deal on the $2 billion bank refinancing package in February.
Tullow's finds in Ghana and Uganda contributed to a 500 percent reserve replacement rate in 2008, Heavey added.
Tullow has also dropped its planned sale of its stake in the M'Boundi oil field in Congo.
Tullow Chief Executive Aidan Heavey said the company was also on track to seal a deal on the $2 billion bank refinancing package in February.
Tullow's finds in Ghana and Uganda contributed to a 500 percent reserve replacement rate in 2008, Heavey added.
Tullow has also dropped its planned sale of its stake in the M'Boundi oil field in Congo.
