Ghana Oil Reserves Revised Higher

Tullow Oil said its recent Ghana discovery may contain recoverable reserves in excess of 1.3 billion barrels, as the company reported lower first-half profits on Tuesday.

Tullow said in a statement that net income fell in the first half of the year to 36.6 million pounds from 95.4 million pounds in the same period of 2006, as a mild winter hit demand for, and prices of, North Sea gas.

A company-compiled poll of 10 analysts gave an average forecast of 51 million for fist half net income.

Tullow Oil said its recent Ghana discovery may contain recoverable reserves in excess of 1.3 billion barrels, as the company reported lower first-half profits on Tuesday.

Tullow said in a statement that net income fell in the first half of the year to 36.6 million pounds from 95.4 million pounds in the same period of 2006, as a mild winter hit demand for, and prices of, North Sea gas.

A company-compiled poll of 10 analysts gave an average forecast of 51 million for fist half net income.