Tullow Oil shares jumped over 15% today after it said an exploration well off the coast of French Guiana has made an oil discovery.
The company said the aim of the Zaedyus well was to test whether its successful Jubilee field off Ghana was mirrored on the other side of the Atlantic Ocean.
Tullow said the latest well results would reduce the exploration risk associated with its prospects off French Guiana, Suriname and Guyana.
Tullow, with a 27.5% stake, operates the Guyane Maritime licence and is partnered by Shell (45%), Total (25%) and Northpet (2.5%).
"Tullow has built a commanding and unique acreage position in South America and this result marks the start of a significant and potentially transformational long-term exploration and appraisal campaign in the region," said Tullow's exploration director Angus McCoss.
Tullow shares closed over 15% higher at 1,413 pence in London this evening.
