Tullow upgrades first Kenyan find and expands exploration
Tullow Oil has struck more oil in Kenya and plans to drill another well in a nearby block later this year, the Africa-focused British firm said yesterday.
Tullow said in March it had struck oil in the well in northern Kenya, the country’s first-ever oil discovery, but has upgraded the oil find following further drilling.
While it is yet to strike commercial deposits, the discoveries by Tullow and its partner Africa Oil Corp on Block 10BB in Kenya’s far northern county of Turkana has increased exploration interest in the east African country.
Tullow said it had encountered a total net oil pay in excess of 100 metres across multiple reservoir zones in the Ngamia-1 well, over a gross oil-bearing interval of 650 metres. The well has so far been drilled to a depth of 1,515 metres.
“Many leads and prospects similar to Ngamia have been identified and following this discovery the outlook for further success has significantly improved,” it said in a statement.
After the announcement, shares in Canada-listed Africa Oil rose 27 per cent.
Tullow’s shares tumbled on Friday following disappointing drilling news from one of its appraisal wells in Ghana and will open for the first time since the new find this morning.