19 March 2016, Nairobi – UK exploration firm Tullow Oil has discovered oil traces in Kerio Valley, raising hopes of boosting Kenya’s oil production potential.
The firm reported seeing oil traces within a depth of 700-metres while drilling at Cheptuket 1 Well. It said the strong oil shores showed the presence of an active petroleum system with significant generation.
“This is the most significant well result to date in Kenya outside the South Lokichar basin. Encountering strong oil shows across such a large interval is very encouraging indeed. I am delighted by this wildcat well result and the team are already working on our follow-up exploration plans for the Kerio Valley Basin,” said Tullow exploration director Angus McCoss in a statement Wednesday.
The announcement saw Tullow shares on the London Stock Exchange climb to highs of 201p within an hour of the market opening, almost 4.5 per cent above its 192p closing price on Tuesday.
The firm operates the oil block (12A) at 40 per cent equity, in partnership with Delonex Energy at 40 per cent and Africa Oil Corporation at 20 per cent.
- Daily Nation