Tullow Oil has announced what it calls a 'significant' new oil find off the coast of Ghana. The discovery came at the Tweneboa-1 well, in which it has a stake of almost 50%.
The company has also finalised arrangements to borrow $2 billion for future development, including its Jubilee project off Ghana.
Chief financial officer Ian Springett said it was 'a tremendous achievement' to put debt arrangements of this scale in place in the current credit environment.
Shares in Tullow closed €1.18 higher at €8.69 in Dublin this evening - up 15.5%.
