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| Source: Business Daily Africa |
British firm Tullow
posted in an operation update on Wednesday that the initial tests show a sign
of positive prospects at the Cheptuket-1 well in Block 12A, in Rift Valley.
"The objective of
the well was to establish a working petroleum system and test a structural closure
in the south-western part of the basin," Tullow stated.
The British firm added
:"The strong oil shows encountered in Cheptuket-1 indicate the presence of
an active petroleum system with significant oil generation."
The oil exploration firm
said the post-well analysis is underway and will determine the future exploration
programme in the basin.
The strong show in the
oil tests has caused Tullows shares to spike by more than 4.5% today. Equities analysts
at Barclays have said the result could
signal that the Kerio Valley is the second prolific basin to have been
discovered in Kenya
Tullow's exploration boss
Angus McCoss stated: "This is the most significant well result to date in
Kenya. 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."
Tullow has 40 per cent
shares in Block 12A, Delonex Energy has 40 per cent while Africa Oil Corporation
holds a 20 per cent stake.
-Source:Telegraph
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