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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Tullow Oil plc    TLW   GB0001500809

Delayed Quote. Delayed  - 06/28 05:35:21 pm
238.7 GBp   +3.56%
06:54a *TRADERS : Liberum cuts tullow oil plc to 'sell' ('hold')
06/28 TULLOW OIL : *goldman raises tullow oil plc price target to 276.80 (..
06/27 GUYANA : Exxon appraisal well finds large oil, gas deposits
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Tullow Oil Clarifies Statement On Ngamia-1 Well

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05/25/2012 | 04:58pm CEST

Tullow Oil PLC (>> Tullow Oil plc) said Friday that at meeting earlier Friday it was inadvertently indicated that the Ngamia-1 well was drilling into the primary target and that initial results appeared to indicate that the well had intersected further oil bearing sands.

MAIN FACTS:

-Company wishes to clarify that the Ngamia-1 well has encountered oil and gas shows over a gross interval of 140 metres from a depth of 1,800 metres to 1,940 metres.

-The reservoirs are similar to those previously encountered at a shallower depth; well will continue to be drilled to a total depth of 2,700 metres and then logged and sampled.

-This is expected to take a further three weeks to complete.

-Shares at 1441 GMT, up 29 pence, or 2.13%, at 1,392 pence valuing the company at GBP12.6 billion.

-By Rory Gallivan, Dow Jones Newswires; 44-20-7842-9411; rory.gallivan@dowjones.com

Stocks mentioned in the article : Tullow Oil plc, Tullow Oil plc
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