Tullow reports oil shows

19th Apr 2012 13:55

Oil and gas firm Tullow has announced that the Mercury-2 exploratory appraisal well in Sierra Leone and the Kosrou-1 exploration well in Côte d'Ivoire have both encountered water bearing reservoirs with oil shows. Tullow holds a 20% stake in Mercury and 22% in Kosrou. Angus McCoss, Exploration Director, said: "The existence of thick sandstone fairways and a working hydrocarbon system, proven by every well in our exploration campaign, mean that our West African Transform Margin acreage remains highly prospective. "The well data will now be integrated into our regional models to improve our chances of making a hub-class discovery with the ongoing campaign which includes the Strontium-1 well in Liberia and the Paon-1 well in Côte d'Ivoire."The share price fell 0.72% to 1,507.00p by 14:46. NR