Tullow share price spike following boundary dispute resolution

Tullow share price spike following boundary dispute resolution
Source: B&FT
Date: 26-09-2017 Time: 08:09:15:am

Ghana’s victory in the maritime boundary dispute with Cote d’Ivoire has seen Tullow plc’s share price on the London Stock Exchange reach a four-month high indicating investors excitement about the prospects of the lead operator of the Jubilee and TEN fields.

The share price of the London-based multinational oil and gas exploration company began its ascent last week, with a share trading at £1.57 climbing steadily to £1.78 on Friday, September 22, the eve of the ruling by the International Tribunal for the Law of the Sea (ITLOS).

When trading resumed on Monday, September 25, the share price of Tullow had climbed to £1.90, which is in excess of 21 percent in terms of the increase in share price of Tullow of the one-week period.

As at Monday evening, share price was trading at £1.87, which in itself is the highest share price for Tullow since May 31, 2017, more than three months.

Investigators’ expectation is that the ruling would see Tullow progress with its plan for TEN.

The rise would be a windfall for investors who may decide to cash in on the gains made over the last week, especially given a very sluggish performance for the company on the London bourse.

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