MARKET TALK: Royal Bank Of Scotland Cuts Tullow Oil Target

14th Jul 2010 14:40

1340 GMT [Dow Jones] Royal Bank of Scotland lowers Tullow Oil (TLW.LN) target price to 1475p from 1500p. It says Tullow's relative year-to-date underperformance against peers is likely to reverse in 2H10. "The Uganda farm-out process is an important hurdle, after which we expect the focus to fall on a number of key wells that could significantly de-risk the upside potential across key acreage," adds RBS. Buy rating. Shares -1.7% at 1130p in London. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 14, 2010 09:40 ET (13:40 GMT)