Tullow tries to boost oil reserves with Hardman buy

Tullow tries to boost oil reserves with Hardman buy

Tullow Oil chief executive Aidan Heavey’s love affair with Africa deepened last week with the announcement that the Irish company is seeking to buy Australian rival Hardman Resources for stg£581 million (€865 million).

Tullow Oil chief executive Aidan Heavey’s love affair with Africa deepened last week with the announcement that the Irish company is seeking to buy Australian rival Hardman Resources for stg£581 million (€865 million).

Hardman, which has assets in countries such as Mauritania and Uganda, would increase Tullow’s oil reserves by 30 per cent to 450 million barrels and increase oil production by 8 per cent to 87,000 barrels a day.

The deal will add 16 exploration wells to...

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