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Tullow Oil rallies after ruling on TEN project

Apr. 27, 2015 7:58 AM ETTullow Oil plc (TUWLF) StockTUWOY, TUWLFBy: Carl Surran, SA News Editor
  • Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) jumps as much as 9% in London after the International Tribunal of the Law of the Sea ruled that oil and gas development work can continue on its offshore TEN project, located in territory disputed by Ivory Coast and Ghana.
  • ITLOS ruled that Ghana must stop all drilling in the disputed area, but dismissed Ivory Coast's call for a suspension of all petroleum operations.
  • Tullow says it had already drilled all of the 10 wells expected to be operational when the field starts pumping oil.
  • Tullow says the Jubilee field, a development operated and 35% owned by Tullow which produced 102K bbl/day in 2014, is not affected by the dispute.

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