Joy Business has gathered Tullow is in preliminary talks with the EO Group towards a possible takeover of its stake in the Jubilee field.
Tullow Ghana’s Corporate Affairs Director could not confirm the story when the Financial Times newspaper first reported it last week that Tullow was interested in acquiring the EO Group’s 1.75 percent interest in the field for 300 million dollars.
Fresh information gathered from a key Tullow source however confirms there have been some talks.
The source explains that the move is partly because the EO Group is having difficulties in fulfilling its financial obligations to the project.
Joy Business has also learnt the EO has accepted the proposed 300 million dollars being offered.
EO is said to have first approached KOSMOS Energy but wasn’t satisfied with its offer.