City File: Tullow Oil

A LOT of normally wary money is flooding into the Irish independent oil company Tullow Oil. Shares are up 4p on the week to close at 17 1/2 p, more than double the year's low. The reason is not next week's profits figures but results from a number of exciting wells being tested in Senegal, and in proven fields in Syria and Pakistan.

Even without new gushers, the shares are underpinned by assets conservatively valued at 55p a share and the cash flow from the gas for Scottish Power's new generating plant.