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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Africa Oil Corp (PK) | USOTC:AOIFF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.06 | 4.38% | 1.43 | 1.32 | 1.45 | 1.43 | 1.38 | 1.40 | 79,167 | 22:00:02 |
By Razak Musah Baba
LONDON--Oil and gas company Tullow Oil PLC (TLW.LN) said Tuesday that Africa Oil Corp. (AOI.T), its partner in Blocks 10BB and 13T in northern Kenya, has found high-quality oil reservoirs at the Ngamia-2 exploratory appraisal well, adding that it will be suspended for testing.
Tullow said "the well encountered up to 39 meters of net oil pay and 11 meters of net gas pay and appears to have identified a new fault block trap north of the main Ngamia accumulation. The reservoirs were of high quality with more than 200 meters of net reservoir sands."
Work on the well has been suspended for testing and up to four additional appraisal wells will be drilled in the Ngamia area for an extended testing program, the company added.
Angus McCoss, exploration director at Tullow Oil, said: "The success of the Ngamia-2 exploratory appraisal well builds on our major basin opening discovery well, Ngamia-1. With five rigs drilling in Kenya and Ethiopia, there is much to look forward to in the second half of the year."
Tullow holds a 50% operated interest in the blocks.
Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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