Tullow makes oil discovery in Kenya
Tullow Oil has made another significant discovery in Kenya.
The company made an onshore discovery of 100 metres of net oil pay at the Agete-1 exploration well in Block 13T
The discovery was made at a wildcat well which is part of a much biggest exploration campaing.
Shares in Tullow gained over 2pc today as a result of the find.
"A fifth consecutive oil discovery onshore Northern Kenya highlights the emerging world class exploration and production potential within our rift basin acreage,” exploration director Angus McCoss said.
The Agete discovery is on-trend with prior finds at- Twiga South, Ekales, and Ngami, the company added.
Tullow is planing to conduct flow testing when logging is completed.
“An intensive campaign for 2014 includes appraisal and exploration within this first basin and pioneering wells targeting the prospectivity throughout the entire chain of similar rift basins," McCoss adds.
Tullow owns 50pc of the venture with Africa Oil.