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Tullow Oil Plc (TLW), the London-based explorer with the most licenses in Africa, plans to accelerate drilling in Kenya after making the East African nation’s first discovery earlier this year.
Tullow will bring in two additional rigs next year, Chief Financial Officer Ian Springett said today in an interview. Alongside Africa Oil Corp. (AOI), Tullow is deploying two rigs in Kenya and one in Ethiopia this year to confirm reserves in the new African oil province after the Ngamia-1 well discovered more than 100 meters (330 feet) of light oil.
“It’s absolutely a fantastic start as it exceeded our expectations and there’s a lot more drilling to come,” Springett said. “It’s conventional oil, it’s very similar to Uganda but a much bigger first discovery.”
Tullow forecast Kenya has the potential to exceed Uganda, where together with Total SA and Cnooc Ltd. it plans to invest more than $10 billion to unlock an estimated 2.5 billion barrels of oil. The U.K. company’s Kenyan exploration acreage may hold as much as 10 billion barrels of oil resources, Tullow’s Exploration Director Angus McCoss said on a conference call with analysts.
http://www.businessweek.com/news/20...e-kenya-exploration-after-first-oil-discovery
Tullow will bring in two additional rigs next year, Chief Financial Officer Ian Springett said today in an interview. Alongside Africa Oil Corp. (AOI), Tullow is deploying two rigs in Kenya and one in Ethiopia this year to confirm reserves in the new African oil province after the Ngamia-1 well discovered more than 100 meters (330 feet) of light oil.
“It’s absolutely a fantastic start as it exceeded our expectations and there’s a lot more drilling to come,” Springett said. “It’s conventional oil, it’s very similar to Uganda but a much bigger first discovery.”
Tullow forecast Kenya has the potential to exceed Uganda, where together with Total SA and Cnooc Ltd. it plans to invest more than $10 billion to unlock an estimated 2.5 billion barrels of oil. The U.K. company’s Kenyan exploration acreage may hold as much as 10 billion barrels of oil resources, Tullow’s Exploration Director Angus McCoss said on a conference call with analysts.
http://www.businessweek.com/news/20...e-kenya-exploration-after-first-oil-discovery