tullow oil shares up

Friday June 15 2007


SHARES in Tullow Oil, the largest independent oil exploration and production group in Europe surged ahead yesterday on a combination of high oil prices and speculation over its drilling in Uganda.


Oil stocks were in demand across the board after crude oil advanced more than $1 to $71 a barrel.

Tullow Oil was one of the best performers, rising by 15c to €5.82 in Dublin.

The buying was also fuelled by reports on its programme in Uganda where it is currently drilling appraisal wells on a major discovery.

However the company was forced to deny market speculation that it had made adiscovery on the Kenyan side of the Ugandan border.

Tullow Oil, which has its headquarters in Dublin, has stated that it has no acreage in Kenya.