Shares in oil and gas producer Tullow Oil surged after the firm announcing that its Twiga South-1 exploration well onshore Kenya Block 13T has successfully encountered oil.
Following media speculation in Kenya the firm said released a press release on Wednesday morning confirming the find, spurring a 3.11% rise in the share price to 1,425p.
Tullow, which owns half of the operated interest in the well, said that drilling at Twiga South-1 is still ongoing and the firm said that it still expects a drilling result in early- to mid-November after the target depth has been hit and necessary sampling and analysis has been completed.
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
Tullow's partner Africa Oil owns the other 50% of the project.
The Twiga South-1 structure is the second prospect to be tested as part of a multi-well drilling campaign in Kenya and Ethiopia. It is the first discovery in block 13T following the Ngamia-1 discovery earlier this year in Block 10BB.
-
UK cities facing the biggest rise in IHT bills – is yours on the list?The number of estates liable for inheritance tax is set to increase to more than 37,000 by 2027, according to new analysis, as a result of rule changes, rising property prices and frozen thresholds.
-
Nine million pensioners to get Winter Fuel Payments as Reeves changes eligibility rulesRachel Reeves has announced the Winter Fuel Payment eligibility rules will change this winter, after the chancellor controversially means-tested the scheme in 2024. Who will qualify?
