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.
-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; [email protected]