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.
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.
-
Review: The Hut, Colwell Bay – a seafood lunch with a holiday feelTravel Getting to The Hut in Colwell Bay on the Isle of Wight is almost as rewarding as actually eating there
-
What is the 7 year inheritance tax rule and how does it help cut your bill?Speculation is rife chancellor Rachel Reeves has plans to target inheritance tax once again in her upcoming Budget. But the 7 year inheritance tax rule can save you thousands - here’s how it works.
