Two Irish exploration companies are at the centre of significant oil finds in South America and Africa.

Shares in Tullow Oil jumped by a further 4% on the back of the company forecasting slightly higher production levels at a key asset in western Africa.

Shares in Tullow Oil fell by over 2% after the Irish-founded exploration company slightly downgraded its production expectations for this year and said progress on highly-anticipated project work in Kenya could be delayed.

Tullow Oil has confirmed its intention to resume paying dividends to shareholders after a five-year hiatus.

Tullow Oil has signed a four-year drilling rig contract, heralding its return to exploration work against a backdrop of rising oil prices.

Tullow Oil is to turn its focus towards South America later this year, aiming to start drilling offshore Suriname by October at an area close to where super-major ExxonMobil this week made a significant discovery off the coast of Guyana.

Tullow Oil paid a net $209m (€183m) to various governments in Africa and Europe last year by means of taxes, royalties, production entitlements, licence fees and infrastructure improvements.

Tullow Oil’s new chief executive Paul McDade has said he will focus on financial discipline after the Irish-founded exploration firm took a $600m (€528m) hit from deflated oil prices in the first half of the year.

Tullow Oil shareholders have unanimously voted in favour of the company’s planned board changes and executive pay policy despite some criticism in the lead up to its AGM yesterday.

Shares plunged in Tullow Oil following the surprise announcement it was issuing a £607m (€695m) sales share at a vastly discounted price.

Tullow Oil boss Aidan Heavey has said the company should return to profit this year after reaching the end of a four-year cycle of cost write-offs.

Shares in Tullow Oil fell up to 3% yesterday after the Irish-founded exploration company announced its founder and chief executive Aidan Heavey is to step down and that its 2016 revenues are likely to have fallen by almost 19%.

Tullow Oil has said its onshore assets in northern Kenya have the potential to become a significant new hydrocarbon province after making two sizeable additional oil discoveries.

Executive pay at Tullow Oil shot up by nearly £2.3m (€2.8m) last year on the back of the Irish-founded exploration company’s second consecutive year of record financial and operational growth.

TULLOW Oil, the Irish Stock Exchange-quoted explorer with the most licenses in Africa, may cut production guidance for this year after delays at projects including Jubilee, its largest field.

TULLOW Oil is set to significantly enhance its European-based assets by acquiring Dutch company Nuon Exploration & Production, for €300 million.

TULLOW Oil yesterday announced its second significant oil discovery in as many days.

Tullow Oil has today announced that the Kasamene-2 appraisal well, which is located in the Butiaba region of Uganda Block 2, has encountered 39 metres of net oil pay and 8 metres of net gas pay within a 132 metre gross interval.

PAYMENTS to directors of Tullow Oil increased by nearly 32% to £5 million (€6.2m) last year.