UPDATE 2-Tullow shares soar on Guyana oil discovery - Reuters:
Tullow Oil has made a large oil discovery in Guyana, it said on Monday, sending its share price soaring on expectations that it will develop a productive field in the oil-rich country.
The discovery at the closely watched Jethro-1 well in the Orinduik block in Guyana follows a number of recent exploration successes by Exxon Mobil in the neighbouring Stabroek block, with discovered oil reserves of more than 5 billion barrels.
Tullow Chief Executive Paul McDade said Jethro-1 is expected to hold more than 100 million recoverable barrels of oil, in excess of expectations. The company will start drilling a second well, Joe-1, this month.
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