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.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
How ‘Bed & ISA’ could save you £15,000 over a decade
Moving your investments into a tax-free wrapper through ‘Bed & ISA’ transactions could save you thousands over the long run by cutting your tax bill
By Katie Williams Published
-
House prices hit record high, says Halifax
UK house prices rose 3.9% over the past year, with a typical property now costing £293,999. We look at which regions are seeing the strongest growth, and whether the rally in house prices will continue next year
By Ruth Emery Published