Tullow Oil PLC (TLW.LN) on Wednesday said it had struck oil in a well in northern Kenya.
The oil and gas explorer and producer said it had found about 75 meters of net oil pay in two zones in the Emekuya-1 well in block 13T in the South Lokichar Basin.
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Tullow said the well penetrated reservoir-quality Miocene sandstones similar to those in the successful Etom-2 well and at the same static pressure gradient, indicating that a big part of the Greater Etom structure is oil-filled.
The company will now move the drilling rig to drill an appraisal well on Greater Etom.
Tullow operates blocks 13T and 10BB with 50% equity and is partnered by Africa Oil Corporation and Maersk Oil with 25% apiece.
Shares were up 5.5 pence, or 2.7%, at 206.7 pence.
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(END) Dow Jones Newswires
May 17, 2017 04:59 ET (08:59 GMT)