TULLOW Oil wants to sell its oil and gas interests in Britain in order to concentrate on further exploration and appraisal activities in Africa and on the Indian sub continent.
Chief executive, Mr Aidan Heavey told shareholders at the Tullow annual general meeting in Dublin that the company's British onshore oil and gas assets were not likely to be sold "at some stage in the near future".
During the meeting one shareholder criticised the level of dividend paid and described last year's 38 per cent increase in the fees paid to executive directors as "smacking of greed".
The chairman, Mr Tom Toner, defended the rise as he said that a number of "outside surveys" had shown that the rewards being paid to management at Tullow were "well below the norm for a company of its size".
In relation to dividends, Mr Toner said that the share price had more than doubled over the past two years and that, therefore, he did not accept that shareholders had not been rewarded for their loyalty.
Shareholders heard Tullow expects to drill up to 28 wells over the next two years, and was "well placed for the future" in Pakistan, Senegal, and Syria. The company is also moving into several new areas of operation in Bangladesh, India, Egypt, and Tanzania.
Tullow recently announced a £30 million rights issue which will be used to fund the development of its existing licences and new explorations.
Mr Heavey said Tullow had initially considered selling its stake in its two British producing fields in last year but that, over the past 12 months, their value had increased, thus putting them beyond many of the small players.
Tullow's stake in the fields in East Midlands and North Yorkshire is currently worth about $17 million (£10.6 million), according to Mr Heavey. While the company wants to sell its interests in Britain, it has no date in mind for completion of the sale. "We're quite happy to keep it as it's a good cash flow," Mr Heavey said.
Pakistan, where Tullow is one of the largest licence holders, would continue to be the main area of its business, shareholders heard.
The company has also made five, applications for licences in India in conjunction with local partners, and hopes to get two licences in Bangladesh.
