Oil discovered in Ivory Coast

UK-based oil explorer Tullow Oil has said it found oil offshore in Cote d'Ivoire.

The development gives it confidence that it will make additional discoveries in waters to the west of its key Jubilee field in Ghana.

Tullow said on Thursday that the exploration well, which it called Paon-1X and which was on licence CI-103, found good quality light oil.

The successful result in the Cote d'Ivoire followed disappointment in the country in April when the company drilled a dry hole.

The oil discovery is on the heels of a similar oil find in Liberia in February.