Tullow up on Shell takeover rumour


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Submitted by Paddy Harris on 3rd February 2015

03rd February 2015

Following a recent slide in its share price, Tullow Oil has seen its share value rise almost 10 per cent on Monday following rumours of a possible takeover by the supermajor Royal Dutch Shell on Friday

Tullow is heavily involved in plays offshore West Africa

Its shares rose (GBP) 34p to 399p on Monday on the back of a rumoured takeover by Shell.

The value of the company had fallen dramatically commensurate with the drop in oil price, its focus on exploration and production in Africa appearing risky in an already volatile market.

Shell’s price was up 66p to 2,170.5p when markets closed on Monday.

Brent crude moved as high as USD 55 a barrel, before slipping to 53.4, a rise of 0.7 per cent.

Industry sources suggest that the recent oil price cash may have hit a floor and hope that fluctuations will begin to stabilise.