Shares in Anglo-Irish exploration firm Tullow Oil shot has shot up on the London Stock Exchange after the Ghana-Ivory Coast maritime dispute was settled.

The agreement between the two west Africa countries means that Tullow's huge offshore TEN oil fields off Ghana will not be impacted by any change in national boundaries.

The share price of the London-based multinational oil and gas exploration company began rising last week, with a share trading at £1.57 climbing steadily to £1.78 on Friday, September 22, the eve of the ruling by the International Tribunal for the Law of the Sea (ITLOS).

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When trading resumed on Monday, September 25, the share price of Tullow had climbed to £1.90, which is in excess of 21 percent in terms of the increase in share price of Tullow of the one-week period.

At the end of trading on Monday evening, share price was trading at £1.87, which in itself is the highest share price for Tullow since May 31, 2017, more than three months.

Investigators’ expectation is that the ruling would see Tullow progress with its plan for TEN.

The rise would be a windfall for investors who may decide to cash in on the gains made over the last week, especially given a very sluggish performance for the company on the London bourse.

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Earlier this year, the company - which is also exploring in Kenya, Jamaica and Suriname - raised $750m (€631m) in a rights issue and cut its debt from $4.8bn (€4bn) to $3.8bn (€3.2bn).

The rate of oil production at the fields is expected to eventually increase from about 50,000 barrels of oil a day to the TEN field designed capacity output of 80,000 barrels a day.