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Tullow rises and falls

These full-year results from Tullow Oil (TLW) demonstrate the strong progress the frontier oil explorer is making on almost every front: production is rising, exploration work is yielding major new discoveries, the balance sheet is more secure than ever and revenues and operating profits are up. Yet this is nothing more than the market expects of Tullow and indeed the company's share price drifted down throughout 2012. We don't expect a significant reversal anytime soon, either, given that the shares still trade at a hefty premium to peers.

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