Shares in oil explorers Tullow Oil (TLW) and Eco Atlantic Oil & Gas (ECO:AIM) are gushing higher on news of a big exploration success offshore Guyana. Tullow advances 16.4% to 208.5p and Eco is up 98.5% at 135p.
The Jethro-1 exploration well, drilled on the Orinduik licence, has encountered 55 metres of net oil pay. This is the part of an underground reservoir containing oil which it would be economic to produce. Read full article here.