UPDATE 1-Tullow Oil, Anadarko make new Ghana finds

Thu Jan 8, 2009 8:57am GMT
 
Email | Print | | Single Page
[-] Text [+]

(Adds detail, share rise)

By Tom Bergin

LONDON, Jan 8 (Reuters) - UK-based oil explorer Tullow Oil (TLW.L) and U.S. producer Anadarko Petroleum (APC.N) made new discoveries around their Jubilee field in Ghana, Tullow said on Thursday, boosting its shares.

Tullow said in a statement its Mahogany-3 appraisal well in the West Cape Three Points licence had encountered a significant find beneath the Jubilee field and also showed the field extended much further to the southeast than earlier thought.

Tullow said the finds raised its expectations for the field, although it did not specify new reserves estimates.

Shares in the London-based company rose 6.3 percent to 754-1/2 pence by 0849 GMT, outperforming a 0.3 drop in the DJ Stoxx European oil and gas sector index .SXEP.

Anadarko holds a 30.875 percent interest in the West Cape Three Points Block. Private equity-backed Kosmos Energy is the block operator and also holds a 30.875 percent interest, while Tullow owns 22.9 percent. (Reporting by Tom Bergin; Editing by David Holmes)

 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives
Currency
US $ inGBP =0.6161
Euro inGBP =0.8595
¥en inGBP =0.0067

Most Popular on Reuters UK

  • Articles
  • Videos