LONDON (ShareCast) - Africa focused Tullow Oil says reserves at its Jubilee field in Ghana could be as much as 1.8bn barrels and is "on track to achieve first oil target of 2010."

"The recoverable resources of the field are now estimated to range from 500m barrels up to 1.8bn barrels," the group said in a company statement.

Oil production from its African fields averaged at around 41,580 barrels of oil equivalent a day, up 6% from the same time a year earlier.

"Tullow has performed exceptionally well over the first half of 2008. We have had solid production performance, outstanding appraisal results in Ghana, continued exploration success in Uganda and announced almost $1bn worth of non-core disposals," said chief executive Aidan Heavey.

• News Channel