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Tullow gaining momentum according to RBC

26 September 2017 15:50

RBC Capital believes Tullow Oil (LON:TLW) is gaining momentum as it restarts the development of TEN and resolves the Jubilee turret issue.

The bank added: "combined with a firmer oil price these fields should underpin a year-end refinancing that allows management to redirect investors' attention towards its value creation (Guyana and Kenya) and harvesting (Ghana and Uganda) activities."

Analysts have therefore upgraded their recommendation to 'outperform' (from 'sector perform') and lifted their price target to 260 pence a share (from 200 pence), implying 36% potential upside.

At 3:50pm: (LON:TLW) Tullow Oil PLC share price was +1.9p at 192.9p

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