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.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Twice daily
MoneyWeek
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.
Four times a week
Look After My Bills
Sign up to our free money-saving newsletter, filled with the latest news and expert advice to help you find the best tips and deals for managing your bills. Start saving today!
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.
The well will be drilled to a total depth of 3,275 metres to target further exploration objectives, the firm said.
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%.
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.
-
Average UK house price reaches £300,000 for first time, Halifax saysWhile the average house price has topped £300k, regional disparities still remain, Halifax finds.
-
Barings Emerging Europe trust bounces back from Russia woesBarings Emerging Europe trust has added the Middle East and Africa to its mandate, delivering a strong recovery, says Max King
