Tullow Oil awaits latest test results

TULLOW Oil should be in a position to better gauge the long-term potential for a third large oil discovery in western Africa when it receives test results in the next fortnight.

The Irish exploration company, which reported first-half figures broadly in line with expectations, is awaiting results from exploratory drills in the Venus-B well in Sierra Leone.

These results could lead to a licence to a new stream of activity in northwest of Africa to rival its main asset, the Jubilee mine in nearby Ghana.