Tullow strikes oil again in Kenya
FTSE 100 explorer Tullow Oil said it had made a second discovery in the Lokichar Basin area of Kenya.
FTSE 100 explorer Tullow Oil said it had made a second discovery in the Lokichar Basin area of Kenya.
The firm said the Twiga South-1 exploration well, in which it holds a 50% stake, had encountered 30 metres of net oil pay with further potential to be assessed on testing.
It also encountered a tight fractured rock section with hydrocarbon shows over a gross interval of 796 metres.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Twiga South-1 has been drilled to a total depth of 3,250 metres and has been successfully logged and sampled, the company added.
The site is the second prospect to be tested in the Lokichar Basin as part of a multi-well drilling campaign in Kenya and Ethiopia.
It is located 22km to the north of the Ngamia-1A discovery, made earlier in 2012.
Exploration Director Angus McCoss, said this follow on discovery reaffirmed the considerable prospectivity of the Lokichar Basin.
"Having significantly expanded our plans in Kenya and Ethiopia, there is much to look forward to as the exploration campaign and testing programme move ahead," he said.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Revolut launches its first stocks and shares ISA with BlackRock and Vanguard ETFs
A year after getting its UK banking licence, Revolut is now launching its first stocks and shares ISA with a suite of exchange-traded funds (ETFs) from BlackRock and Vanguard.
-
What does Trump’s ‘Big Beautiful Bill’ mean for the US economy?
Donald Trump’s budget bill will slash taxes, but is expected to add at least $3 trillion to US national debt