Tullow shares rise as oil find announced

An oil well in which exploration firm Tullow Oil has a 10 per cent stake has made a discovery, it was confirmed today.

The Venus well, which is operated by Anadarko Petroleum, struck oil offshore in Sierra Leone.

Anadarko owns a 40 per cent interest in the well, with other partners Woodside and Repsol each holding a 25 per cent stake.

The discovery was made after the well was drilled to a depth of about 18,500 feet in 5,900 feet of water.

"The Venus discovery confirms the existence of an active petroleum system in the basin and enhances the prospectivity of our vast West Africa acreage position," said Andarko senior vice president of worldwide exploration Bob Daniels. 

"With Jubilee on the east and Venus on the west, we have established bookends spanning approximately 1,100 km across two of the most exciting and highly prospective basins in the world. Anadarko and our partners are evaluating the initial results of the well and the forward plan for the prospect, and anticipate additional drilling in the area."

Shares in Tullow Oil were trading 3.5 per cent up on the Irish market this afternoon to €12.95.