Tullow Oilset to be admitted to FTSE 100

One More Thing: Barring a disaster, Tullow Oil will be admitted to membership of the prestigious FTSE 100 on Wednesday when …

One More Thing:Barring a disaster, Tullow Oil will be admitted to membership of the prestigious FTSE 100 on Wednesday when the next reshuffle of the index takes place.

It will be another feather in the cap for Tullow boss Aiden Heavey in his bid to take the company from market minnow to one of the bigger second-tier players in the oil and gas industry.

Tullow has major oil prospects on its hands in Uganda and Ghana, which have helped to push the value of the company up to €5.8 billion this year. It also has potentially interesting licences in India, Namibia and elsewhere.

These have been funded by the cash thrown off by its oil and gas activities in the North Sea.

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Admission to the FTSE is a rare honour for an Irish company. Rules on nationality and domicile mean that AIB, CRH and other large public companies don't qualify for inclusion.

Tullow was founded in the Republic and still has a head office here where Heavey and his colleagues spend much of their time.

However, it became a British domiciled company some years back and has its primary listing in London.

Tullow will be just the second "Irish" member of the FTSE 100 since the index was launched in 1984.

The other was Fran Rooney's Baltimore Technologies, which made the cut in early 2000 but had only a short stay at the top table before falling from grace.

Tullow should have no worries on that front. Its time with the big boys is only likely to be truncated by a takeover bid from one of the oil industry's big guns.

Ciarán Hancock

Ciarán Hancock

Ciarán Hancock is Business Editor of The Irish Times