Guyana discovery drives up Tullow shares

Shares in Tullow Oil soared almost 20% yesterday after the exploration and production firm announced an oil discovery offshore Guyana.

London-listed Tullow said Jethro-1 was the first discovery on the Orinduik licence and was made up of “high quality oil bearing sandstone reservoirs”.

Tullow said it would evaluate the logging data and map out the appraisal activity, but said Jethro-1 exceeded pre-drill forecasts.

The discovery also serves to de-risk other Tertiary age prospects on the Orinduik licence, Tullow claimed.

The non-operated Carapa 1 well will be drilled, later this year, on the adjacent Kanuku licence to test the Cretaceous oil play.

Tullow is the operator of the Orinduik block with a 60% stake.

Total holds 25% with the remaining 15% being held by Eco Atlantic.

Tullow shares finished the day up 19.77% to £2.14.

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