SHARES in exploration company Tullow fell 25 cents to €10.95 in afternoon trading Dublin yesterday after it despite issuing a strong trading statement on the outlook for the current year.

Burren Energy upgraded its reserves estimates for a key oilfield today after making “substantial” progress in its first year as a listed company.

An oil discovery at the Lianzi-1 exploration well, in which ISEQ-listed Tullow Oil plc has a 2% stake, has been announced by the operator ChevronTexaco, and further evaluation is ongoing.