UBS upgrades Tullow Oil to ‘buy’

TULLOW Oil, the Irish oil and gas company now headquartered in London, has been boosted by a strong endorsement of the group by a London-based analyst.

Tullow, which reports first-half results next Wednesday, was upgraded to “buy” from “neutral” by UBS because of its future drilling potential.

Shares were up as much as 40p, or 5.8%, to 734p in early trading, but slipped back slightly later.