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

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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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Financials ($)
Sales 2017 1 652 M
EBIT 2017 359 M
Net income 2017 165 M
Debt 2017 3 960 M
Yield 2017 -
P/E ratio 2017 16,70
P/E ratio 2018 11,08
EV / Sales 2017 3,83x
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Average target price 3,40 $
Spread / Average Target 32%
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