Tullow Oil has refinanced its Norwegian exploration prospect with a further $330m (€244m) in funding for its NOK 2 billion (€246m) prospect and it has extended a $500m facility out to 2017 for the NOK 3 billion prospect.

Tullow Oil discovered its first crude off Norway after at least 10 unsuccessful wells this year.

Weaker-than-expected European economic data gave British investors a jolt today as the FTSE 100 Index slipped back from yesterday’s three-week high.

One of the Norwegian exploration prospects in which Irish-founded company, Tullow Oil, has a significant interest, has been partially abandoned after its chief operator found no evidence of hydrocarbons from exploratory drilling.

Tullow Oil should be rid of much of its non-core gas assets by the middle of this year, with the sale of its eight Asian gas licences in Pakistan and Bangladesh finally set to conclude before the end of June.