MARKET TALK: Tullow Uganda Well Boosts Asset Value - Evolution

28th Jul 2010 08:54

0754 GMT [Dow Jones] Tullow Oil (TLW.LN) encounters more than 40 meters of net oil bearing reservoir at its Ngiri-2 appraisal well in Uganda, "the largest net pay to date in the Butiaba region," says Evolution Securities. "We believe [Wednesday's] result is likely to add in the order of 5p-10p to our Core + Risked NAV." Evolution sees the announcement as the third good bit of news from the company in three days, with market sentiment turning back in favor of the stock. Has a buy recommendation and 1450p target. Shares +1.9% at 1297p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 28, 2010 03:54 ET (07:54 GMT)