Tullow finds oil in Kenyan well
Irish oil and gas giant Tullow Oil saw shares rise on Friday afternoon after letting slip at an investor meeting that its Ngamia-1 well in Kenya was making good progress.
Irish oil and gas giant Tullow Oil saw shares rise on Friday afternoon after letting slip at an investor meeting that its Ngamia-1 well in Kenya was making good progress.
After talking with certain investors in Nairobi, the company "inadvertently indicated" that the well was drilling into the primary target and that initial results showed that it had intersected further oil bearing sands.
Subsequently, the group was prompted to release a statement, clarifying that Ngamia-1 encountered oil and gas shows over a gross interval of 140 metres from a depth of 1,800-1,940 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
"The reservoirs are similar to those previously encountered at a shallower depth. The well will continue to be drilled to a total depth of 2,700 metres and then logged and sampled," the company said.
Ngamia-1 is expected to take a further three weeks to complete.
Shares jumped following the afternoon announcement and by 16:13 in London, the stock was trading 1.61% higher at 1,385p.
BC
Sign up for MoneyWeek's newsletters
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.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?
Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
By Kalpana Fitzpatrick Published
-
What does Rachel Reeves’s plan for growth mean for UK investors?
Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
By Katie Williams Published