Tullow Oil has discovered gas at an exploration well in the L8 Licence area, the first hydrocarbon discovery offshore Kenya.
In a very brief statement on Monday morning, the company said that the Mbawa-1 exploration well was drilled to a depth of 2,553 metres and encountered around 52 metres of net gas pay in porous Cretaceous sandstones.
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
Angus McCoss, Tullow's Exploration Director, commented: "A gas discovery on prognosis in the shallowest objective at Mbawa-1 is an encouraging start to our East African Transform Margin exploration campaign. This is the first hydrocarbon discovery offshore Kenya.
"The on-going drilling remains on course to test for any deeper oil potential within this gas prone region".
Tullow holds just a 15% in the Block L8 Licence, while the operator, Apache, has a 50% interest, Origin Energy owns 20% and Pancontinental holds 15%.
