Tullow reports oil shows

Oil and gas firm Tullow has announced that the Mercury-2 exploratory appraisal well in Sierra Leone and the Kosrou-1 exploration well in Cte d'Ivoire have both encountered water bearing reservoirs with oil shows.

Tullow holds a 20% stake in Mercury and 22% in Kosrou.

Angus McCoss, Exploration Director, said: "The existence of thick sandstone fairways and a working hydrocarbon system, proven by every well in our exploration campaign, mean that our West African Transform Margin acreage remains highly prospective.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

"The well data will now be integrated into our regional models to improve our chances of making a hub-class discovery with the ongoing campaign which includes the Strontium-1 well in Liberia and the Paon-1 well in Cte d'Ivoire."

The share price fell 0.72% to 1,507.00p by 14:46.

NR