Tullow Oil Discovers Oil at Agete-1 Well in Kenya

By Tapan Panchal

LONDON--Oil and gas exploration company Tullow Oil PLC (TLW.LN) said Friday that the Agete-1 exploration well in Block 13T, onshore northern Kenya, has discovered oil in good quality sandstone reservoirs.

The company said the well has discovered an estimated 100 meters of oil pool and the discovery de-risks several follow-on prospects.

The Sakson PR5 rig drilled Agete-1 well to a total depth of 1,930 meters. Following completion of logging operations the well will be suspended for future flow testing to confirm production viability.

The Sakson PR5 rig will move to drill the Ewoi-1 exploration well, targeting a rift flank prospect similar to the recent Etuko oil discovery.

Tullow operates the Agete-1 well with a 50% interest and Africa Oil (AOI.V) has a 50% non-operated interest.

Tullow said that the Amosing-1 well, in Block 10BB located in Kenya, is expected to commence drilling before the end of November. It also intends to commence the hEtuko-1 well test, located in Block 10BB, in November and the Ekales-1 well test in early December.

Shares of Tullow on Thursday closed at 885 pence, valuing the company at 8.05 billion pounds ($12.97 billion).

Write to Tapan Panchal at [e-mail]

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