TULLOW OIL - worth another look?

from Timesonline Dec 20 market report in The Times: DANA PETROLEUM tumbled more than 10 per cent as an unfavourable drilling update from Mauritania reminded investors of the risks associated with exploration programmes.
Two weeks ago, Dana’s shares gained more than 6 per cent after a bullish update from Hardman Resources, its Australian partner, proclaiming that hydrocarbons had been found at its Faucon-1 exploration well off the coast of West Africa. However, hopes that Dana could be sitting on up to one billion barrels of oil were dashed yesterday when it conceded that the find was unlikely to be commercial in its own right, prompting the plugging and abandonment of the well. Dana, which has a 36 per cent stake in Faucon, fell 106p to 914p with Hardman off 2¼p to 73p. Roc Oil dropped 6p to 106p, while Tullow Oil, another Faucon partner, which also announced two dry exploration wells off the coast of Angola, faded 1p to 267p, underpinned by hopes that it may attract predatory interest. In contrast, Premier Oil added 10½p to 779p as Bridgewell Securities moved from “neutral” to “overweight”, citing the promise of next year’s drilling programme. The FTSE 250 rose 1.8 to 8,596.1.