be nice if they hurry up and join this party, ghana, mauritania, ivory coast, all so lucrative imo..........
Tullow Rises After UBS Upgrades Stock to `Buy' (Update1)
By Clementine Fletcher and Eduard Gismatullin
Aug. 20 (Bloomberg) -- Tullow Oil Plc, the U.K. explorer with the most exploration licenses in Africa, rose the most in London trading in three months after it was upgraded to ``buy'' from ``neutral'' at UBS AG because of future drilling potential.
Tullow rose 47.5 pence, or 6.8 percent, to 741.5 pence in London, posting its biggest one-day gain since May 6. That values the company at 5.3 billion pounds ($9.99 billion).
``The company plans to drill 14 wells over the balance of the year with further high impact potential in Uganda, Ghana, Mauritania and Guyana into 2009,'' Adrian Wood, a London-based analyst, wrote in a note. ``Further exploration success could possibly make Tullow an M&A target next year.''
The bank has a price estimate of 950 pence on the stock.
To contact the reporter on this story: Eduard Gismatullin in London at [email protected]
Last Updated: August 20, 2008 12:04 EDT
RIA Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held