You are here: HomeNews2007 07 11Article 127011

Business News of Wednesday, 11 July 2007

Source: Dow Jones Newswires

Ghana Oil Find May Be Over 300m Bbl

LONDON -(Dow Jones)- Tullow Oil PLC's Ghana discovery contains at least 300 million barrels of recoverable oil and it may hold more than this amount, the company's chief financial officer said Wednesday.

In an interview with Dow Jones Newswires, Tom Hickey said the Mahogany discovery, announced last month, "certainly have that" in reference to the 300 million seen by analysts but has "potentially more."

Wednesday, Tullow said recent technical work on Ghana's discovery "indicates that there is significant further upside potential above current market estimates."

Following the statements, Oriel Securities said current "guidance was 300 million to 600 million barrels but this range now looks to have increased to around 450 million to 900 million (or potentially even greater)." Oriel rates the stock at hold with a 526p target.

(END) 07-11-070415ET Copyright (c) 2007 Dow Jones & Company, Inc.