STOCKS NEWS EUROPE-Tullow strikes oil in Ghana, jumps 6.1 pct

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10:02GMT 21Nov2008-Tullow strikes oil in Ghana, jumps 6.1 pct

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Shares in UK-based oil explorer Tullow Oil TlW.L climb 6.1 percent after it reports striking oil at a testing site off the coast of Ghana.

Tullow says results from drilling at an offshore exploration well are "extremely encouraging" and improve chances of further success in the area, prompting Numiscorp to issue a "buy" recommendation on the stock.

Tullow expects Ghana to approve development of the 1.8 billion barrel Jubilee oil field and is confident financing will be arranged in the first quarter of 2009, despite tougher conditions in the lending market. [ID:nLC97366]

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