Business World

Tuesday 30 September 2014

Tullow confirms Kenyan oil find as Fastnet names new director

Published 01/11/2012 | 05:00

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TULLOW Oil has said it has struck oil at a well in Kenya, but it is likely to be at least a fortnight before it can provide full data on the find.

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In a statement, Tullow confirmed the discovery after speculation in the Kenyan press.

The driller hit the hydrocarbon at the Twiga South-1 exploration well in the onshore prospect Block 13T.

The drilling has not yet been completed and yesterday Tullow said it would announce the full results "in early to mid-November after target depth has been achieved and necessary sampling and analysis has been completed".

Tullow became the first exploration company to find oil in Kenya earlier this year. This well is situated around 30km from that find.

Tullow has a 50pc operated interest in the Twiga South-1 well, with Africa Oil holding the remaining interest.

Meanwhile, Fastnet Oil & Gas has appointed Carol Law as an executive director with immediate effect.

Ms Law is a geologist by training and has more than 28 years' experience in the petroleum industry.

In her role, Fastnet said she would work with management to "develop and execute an oil-and-gas strategy focused on near-term growth".

The company said Houston-based Ms Law would provide "excellent access to the global oil and gas sector".

Fastnet's finance director Michael Nolan welcomed her appointment.

"At Cove Energy, we worked very closely with Carol for over three years, starting with the hugely successful rank wildcat drilling campaign in the Rovuma Area 1 partnership in 2009, which has delivered the enormous gas resources in Mozambique.

"I have great confidence in her ability to be a great addition to the Fastnet team," he added.

Company chairman Cathal Friel was "delighted" to have brought her on board.

"Carol's experience will be of vital importance as we seek to mature the Moroccan acreage towards exploratory drilling.

"Beyond this, Carol's contact base and reputation will enhance the company's ability to secure new exploration prospects, in line with our stated strategy at the time of our IPO of exposing shareholders to near-term, high-impact exploration opportunities."

Tullow closed up 1.6pc in London at 1,404 pence, while Fastnet was unchanged at 26.5 pence.

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