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Tullow's cheer at strike

The FTSE 100 oil explorer Tullow Oil cheered the market yesterday as it struck oil in deep waters off the Ivory Coast.

Shares in the Africa-focused company rose 2 per cent to 1,468p as it said its Paon-1X exploration well found "good-quality, light oil", fuelling hopes it will make more discoveries in the waters west of its key Jubilee field in Ghana.