Exploration company Tullow Oil has announced plans to offer $500 million in senior notes to generate funds which will be used to repay some of its debt under the group's credit facilities.

Interest on the notes, which are due in 2022, will be paid semi-annually, the group said. The rate of interest is to be decided at the pricing of the offering, it added.

Tullow, which is quoted on the London, Irish and Ghanaian stock exchanges, has interests in over 140 exploration and production licences across 24 countries.

The group said earlier this year that it is planning to invest around $1 billion in 2014 in exploration and appraisal with major campaigns in Mauritania, Norway, Kenya and Ethiopia and a first well offshore Guinea.

Reuters