Tullow Oil shares jump on high value discovery

Tullow Oil (LON:TLW) shares jumped by 17%, to 209.80p, on news it made a “substantial and high value oil discovery in Guyana”.

The FTSE 250 oil and gas exploration company said that data confirms that the Jethro-1 exploration well is the first discovery on the Orinduik licence and comprises high-quality oil bearing sandstone reservoirs of Lower Tertiary age. The company added that the well encountered 55m of net oil pay which supports a recoverable oil resource estimate that exceeds its pre-drill forecast.