Debt-troubled energy producer Tullow Oil extended a five-day winning streak which bumped up its value by almost £500m yesterday (MON) after the International Tribunal of the Law of the Sea (ITLOS) gave the Africa-focused producer the green light to step-up its production off the coast of Africa and the price of oil rallied to a nine-month high.

The development of the offshore TEN field in Ghana, which is already Tullow’s second largest site by production, was put on hold while the tribunal investigated a maritime border dispute between the west African country and the Ivory Coast.

ITLOS decided that the fields should remain in Ghanaian territory and Tullow now expects to begin ramping up production once again around the end of the year.

The dispute falling in favour of Ghana is “the most ideal scenario for Tullow”, according to Morgan Stanley analyst Sasikanth Chilukuru, and the ruling will allow the company, which has suffered at the hands of the low oil price environment, to eventually ramp up production at TEN to a peak of 80,000 barrels per day.

Stifel analyst Robin Haworth argued in his ratings upgrade of Tullow that the decision had removed a key risk for the company.