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Tullow is booming

EXPLORATION group Tullow Oil recorded a massive 499pc jump in pre-tax profits for the year as oil prices shot up and its production increased.

The company said that pre-tax profits jumped to $1.073bn (€0.82bn) for the year and after- tax profits jumped by 670pc to $689m (€527m) from $90m (€69m). Production increased by 35pc.