i just love reading this stuff ... 1785p !!!

As recently as July, Tullow announced a discovery at Owo-1 on its Deepwater Tano licence which it said "continued the extraordinary success of our West African Equatorial Atlantic campaign". This prompted analysts at Bank of America Merrill Lynch to raise its Net Asset Value by 60p to 1,785p and re-iterate its Buy rating.

Although RBS' Corbett believes that individual wells are unlikely to have a significant impact on the company's share price, progress within the areas where it is drilling in 2010/2011 could have a "significant impact on sentiment and the share price as the market looks to discount further upside potential".

Tullow's drive to prove itself as a key player in Western Africa is echoed by fellow UK-listed company Petrel Resources (PET), which announced in June that it would look to grow its operations in Africa with a new Ghanaian venture.

The company snapped up a 30% ground-floor stake in Ghana Block 2A and has already signed a petroleum agreement with the Ghana State Oil Company, prompting Astaire Securities to dub the block "additional excitement for investors going forward".