Tullow Oil shares closed up 12.5% today after it reported a 'significant' oil find in Ghana with the discovery of up to 600 million barrels of light oil.
Reserves in the Mahogany exploration well were ahead of the 300 million barrels than the firm had earlier forecast.
Tullow said that based on evidence to date, ultimate reserves are likely to be materially in excess of previous estimates, with some high-potential zones still to be drilled.
Aidan Heavey, CEO, said: 'The discovery of oil in the Mahogany well represents a major event for the Republic of Ghana and for Tullow'.
Speaking on RTE radio this evening he said that the initial forecast for the well pre-drill was 300 million barrels, which now looks like a very conservative estimate.
The company jointly owns the West Cape block where the drilling took place with Anadarko Petroleum.
The firms share rights to the adjacent Tano basin.
This discovery is in addition to the three major exploration programmes underway elsewhere (Uganda, Namibia and India).
Tullow is quoted in London and Dublin and focuses on: Europe, Africa, South Asia and South America.
Tullow shares closed up 75 cent at €6.76 on the ISEQ this evening.
