MARKET TALK: Credit Suisse Raises Tullow Oil Price Target

27th Jul 2010 10:49

0949 GMT [Dow Jones] Credit Suisse raises Tullow Oil (TLW.LN) price target to 1504p from 1449p following the announcement of a significant new find offshore Ghana. The two highly-pressurized reservoir zones encountered in the Owo well contain light oil, which is higher in value than the 'gassy' oil in Tweneboa. On a risk/reward basis, the brokerage continues to recommend a switch from Cairn Energy (CNE.LN) into Tullow in the UK E&P space ahead of Cairn's first well result from Greenland in August. Cairn rated underperform with 382p target. Tullow rated outperform. Tullow shares +2.3% at 1267p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 27, 2010 05:49 ET (09:49 GMT)