Ghana Hits More Black Gold!

UK-based oil explorer Tullow Oil said its its well offshore Ghana had hit a significant column of light oil, indicating that its Jubilee field in the area is larger than earlier thought.

Tullow Oil now believes that the Jubilee field's proven reserves could be 500 million barrels, up from 170 million, while unproven reserves could hit 1.8 billion barrels, up from 1.3 billion.

"The confirmation that Mahogany-2 is in communication with both Mahogany-1 and Hyedua-1, reinforces our interpretation that Jubilee is a major discovery and is likely to lead to a material upgrade of current resource estimates," Aidan Heavey, Chief Executive of Tullow said.

U.S. explorer Anadarko Petroleum is a shareholder in the Jubilee field.

Shares in Tullow Oil added more than 16 percent to top the FTSE 100

This "reinforces our interpretation that Jubilee is a major discovery and is likely to lead to a material upgrade of current resource estimates," Aidan Heavey, Chief Executive of Tullow said.