Africa-focused oil producer Tullow Oil said yesterday that it would have to lower its production outlook due to a technical fault that has forced a longer-than-planned shut-down at its Jubilee oil field off Ghana. The shares rose, however, as crude oil prices advanced.

Annual results for Tullow Oil due next month are set to show double-digit percentage growth in revenue, to $2.6 billion (€1.9bn) and a near 4% jump in gross profit.

SHARES in Tullow Oil enjoyed another strong day’s trading yesterday — rising by more than 12%, or 89c, to €8.20 — on the back of latest estimates that the company’s Mahogany well off the coast of Ghana could have an oil capacity of up to 20% more than originally anticipated.