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Tullow Oil soars, traders cite Ghana project, M&A talk

Reuters - UK Focus

LONDON, Nov 3 (Reuters) - Shares (Berlin: DI6.BE - news) of Tullow Oil (LSE: TLW.L - news) soared over 14 percent on Tuesday after a positive update from its partner in Ghana, Kosmos Energy (NYSE: KOS - news) , which said a new project was on track to be completed next year.

The TEN oil project was expected to deliver first oil in the third quarter of 2016, Kosmos said late on Monday.

Production at the joint Jubilee field had also returned close to normal levels since the end of a temporary technical outage, Kosmos said. Analysts at FirstEnergy Capital told clients the update signalled "good production".

One trader also cited merger talk surrounding Tullow Oil as another factor lifting the shares.

Tullow declined to comment. (Reporting by Karolin Schaps and Atul Prakash; Editing by Lionel Laurent)