Shares in Tullow Oil rose to a two-month high this afternoon after the company said it planned to increase the size of its resource estimates following “successful” drilling at wells in Ghana and Uganda.
Tullow climbed as much as 110 pence, or 22 per cent, to 606 pence in London, the highest intraday price since October 3rd.
"The success of these latest wells has substantially increased the proven areal extent of both the Jubilee and Kingfisher fields and is likely to lead to material upgrades of current resource estimates," the Dublin-headquartered company said in a statement.
Tullow drilled the Hyedua-2 well to appraise the Jubilee field offshore Ghana and the Kingfisher-3 well to evaluate the southwestern portion of the Kingfisher discovery in Uganda's Block 3A, it said.
Agencies