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TLW Tullow Oil Plc

35.10
0.50 (1.45%)
24 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Tullow Oil Plc LSE:TLW London Ordinary Share GB0001500809 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.50 1.45% 35.10 34.96 35.16 35.14 34.12 34.12 3,097,975 16:35:16
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 1.63B -109.6M -0.0754 -4.64 508.95M

Eco Atlantic Says Exxon's Guyana Discovery is Positive for Orinduik License

31/08/2018 9:09am

Dow Jones News


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By Adam Clark

 

Eco Atlantic Oil & Gas Ltd. (EOG.V) said Friday that a new oil discovery by Exxon Mobil Corp. (XOM) in offshore Guyana has positive implications for its adjacent partially-owned Orinduik license.

Exxon Mobil said Thursday that its Hammerhead-1 well hit oil-bearing sandstone, marking its ninth discovery in offshore Guyana.

Eco said the Exxon Mobile discovery has materially de-risked one of the many similar channel systems in its Orinduik block, in which it has a 40% stake with the remainder held by Tullow Oil PLC (TLW.LN).

Eco and Tullow will shortly be in a position to pick the location for the first well on the Orinduik license, with drilling to begin in mid-2019, Eco said.

At 0730 GMT, Eco Atlantic shares were up 5.4% at 37.20 pence. Tullow shares were up 0.2% at 234.10 pence.

 

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

 

(END) Dow Jones Newswires

August 31, 2018 03:54 ET (07:54 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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