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RUMOUR - September promises to be a huge month for Tullow Oil. Shares of the London-based oil and gas producer gushed 34p to 1109p on expectations that a re-rating of the stock should follow upbeat drilling results from its high impact Zaedyus and Montserrado wells in French Guiana and Africa respectively.

The London-based group?s coffers will also be swelled to the tune of around ?1.8billion soon following the long-awaited completion of the sale to China?s CNOOC and France?s Total of its Ugandan operations.

Irish stockbroker Davy is confident that Tullow?s shares have only one way to go, and that?s north. It values the group at 1519p a share with commercial and underdeveloped reserves making up 971p of this amount.

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Yesterday?s gain was accompanied by vague gossip that CNOOC, or China National Offshore Oil Corporation, the third largest national oil company in the People?s Republic of China, could be lining up a ?13.6bn or ?15 a share cash bid for Tullow and has hired giant US securities firm Goldman Sachs to advise on the deal.

Tullow last month reported better-than-expected


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