Tullow Oil, which is searching for oil in Jamaica's offshore, is preparing to issue new shares in a bid to raise €607 million to help tackle its €4.8 billion debt.
The London-based oil company racked up its debt pile after the 2014 oil price crash battered revenues while Tullow was investing heavily in an oil project off Ghana.
The strain has propelled the company’s ratio of debt to more than five times its annual earnings.
Tullow has commenced a second round of seismic surveys off Jamaica's south coast as the search for oil and gas in Jamaica’s offshore narrows in focus.
The exploration activities are being undertaken by Tullow Oil as part of a Production Sharing Agreement which the company signed with the Petroleum Corporation of Jamaica in 2014.
All feeds
