Bloomberg News

Tullow Rises First Time in 2 Weeks in Accra on Enyenra Oil Find

September 28, 2011

Sept. 28 (Bloomberg) -- Tullow Oil Plc climbed for the first time in almost two weeks in Accra trading after the U.K.- based oil explorer with the most licenses in Africa said it found oil at a well off the coast of Ghana.

The stock rose 0.2 percent, the first increase since Sept. 15, to 31.11 cedis by the 3 p.m. close in the capital, Accra.

The Enyenra-3A appraisal well in the Deepwater Tano license offshore the West African nation encountered oil in high-quality sandstone reservoirs, Tullow said in a regulatory statement today.

“The news of the oil find is positive, and we saw some investors reacting immediately,” Hilary Lomotey, a stock trader at Renaissance Capital, said by phone from Accra. “Tullow Oil holds about 49.95 percent working interest in the Enyenra well, where it found the oil.”

--Editors: Ana Monteiro, Tim Farrand

To contact reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


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