Tullow's shares jump on new oil finds By Tom Bergin
LONDON (Reuters) - Explorer Tullow Oil made new oil finds in Ghana and Uganda which it expects to boost reserves, it said on Thursday, lifting its shares more than 7 percent.
Tullow said in a statement the Hyedua-2 appraisal well offshore Ghana and the Kingfisher-3 appraisal well in Uganda had both encountered oil.
The success of the wells has "substantially increased" the proven extent of its Jubilee and Kingfisher fields, the company said.
Tullow's London-listed shares rose 7.3 percent to 531.5 pence at 8:24 a.m., outperforming a 0.7 percent rise in the DJ Stoxx European oil and gas sector index .
Jersey-based Heritage Oil co-owns the Uganda oil block in which the Kingfisher well was drilled and its shares rose 4.3 percent to 193p.
"This news yet again reinforces the prospectivity of the block," analysts at Fox Davies Capital said in a research note.
U.S. oil company Anadarko Petroleum owns a stake in the Ghanaian field.
(Reporting by Tom Bergin: Editing by John Stonestreet and David Holmes
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