Tullow shares fall nearly 4% after "disappointing" update

Oil explorer Tullow has announced that its Jupiter-1 exploration well has successfully encountered hydrocarbons off Sierra Leone.

21st February, 2012

Tullow Oil shares have fallen as much as 3.7 per cent in London trading after it announced that its Jupiter-1 exploration well has successfully encountered hydrocarbons off Sierra Leone.

Investec analyst said that the lack of a reserve number in the drilling update was "disappointing" because a lot of expectation was built into the company's shares.

The update from Tullow focused on its Jupiter project in block SL-07B-11, of which Tullow has a 20 per cent...

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