Tullow North Sea oil deal

TULLOW OIL'S purchase of North Sea oil assets has been given the thumbs-up by its broker Davy Stockbrokers.

Davy's analyst Job Langbroek, following Tullow's announcement of its intention to increase its activity in the North Sea, said: "The ongoing build-up of a portfolio of North Sea prospects, targets and reserves is, we believe, a highly sensible route for Tullow given the emerging strategic and monetary value of North Sea gas in the coming decade."

Tullow intends to increase its British North Sea activity by taking an interest in two consortia currently operating in the sector.