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| Tullow Oil hits more oil in Ghana fields |
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| Posted on: 2008-May-06 thinkghana.com |
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The discovery of a significant column of light oil by oil explorer, Tullow Oil around its well offshore Ghana has increased the UK-based oil firm's shares.
Tullow Oil says its well offshore Ghana had hit a significant column of light oil, indicating that its Jubilee field in the area is larger than earlier thought.
Shares in Tullow Oil added more than 16 percent to top the FTSE 100.
"The confirmation that Mahogany-2 is in communication with both Mahogany-1 and Hyedua-1, reinforces our interpretation that Jubilee is a major discovery and is likely to lead to a material upgrade of current resource estimates," Aidan Heavey, Chief Executive of Tullow said.
U.S. explorer Anadarko Petroleum is a shareholder in the Jubilee field.
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