Shares of Tullow Oil tumbled by more than 5% as it revealed disappointing results from test drilling in Ghana.

This is despite Tullow?s acquisition of Norwegian firm, Spring Energy in a deal worth $372 million.

The move will add to Tullow?s exploration prospects in the North, Norwegian and Barents Seas.

The deal includes as much as $300 million in bonus payments to the vendors of Spring Energy in the event of exploration success.

Tullow?s acquisition is part of a strategy of selling off less-productive, aging assets and concentrating on higher-growth ones.

However, a disappointing well result from Ghana overshadowed the positive refocusing of the portfolio towards exploration.

Its okure-1 exploration well encountered low net to gross oil bearing reservoir in a secondary objective leading to fall in its shares.

By: Vivian Kai Mensah/citifmonline/Ghana


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