Tullow negotiates stock sale with Merrill Lynch, RBS Hoare Govett

By Devika Patel

Knoxville, Tenn., Jan. 27 - Tullow Oil plc said it will sell 80,431,796 shares in a private placement.

Merrill Lynch International and RBS Hoare Govett Ltd. are joint bookrunners.

Proceeds will be used for exploration and development.

Tullow is a London-based independent oil and gas, exploration and production group.

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