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.
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
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.
-
Are under-30s at greatest risk of retirement poverty?
Under-30s have benefitted from auto-enrolment but housing costs could quickly erode their pension in retirement, with more likely to be renting or still paying off a mortgage
-
HMRC toughens checks on pension tax relief claims – could you be missing out on extra money?
The change is going to be a pain for some higher and additional rate taxpayers who are used to claiming already and who will now need to do some extra legwork