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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Tullow Oil plc    TLW   GB0001500809

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Tullow Finds More Than 100 Meters Of Net Oil In Kenyan Well

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05/07/2012 | 02:23pm CEST

Tullow Oil PLC (>> Tullow Oil plc) said Monday that it has encountered in excess of 100 meters of net oil pay, or thickness, at its Kenyan well.

The discovery was across several reservoir zones and came as Tullow deepens its Ngamia-1 well.

"The net pay encountered so far in Ngamia-1 is more than double that encountered in any of our East African exploration wells to date," said Angus McCoss, exploration director at Tullow. "We now look forward to the drilling and evaluation of the deeper potential of this well and the acceleration of our seismic and drilling campaigns in the region."

Ngamia-1 will be drilled to a depth of 2,700 meters, the company said.

In March the London-listed explorer said it found oil at a well in the north-western region of Turkana, where it was assessing the commercial viability of crude prospects in the Ngamia geological structure. The discovery follows major finds in Ghana, Uganda and French Guiana.

Tullow has a 50% operated interest in seven onshore licenses in the Kenya & Ethiopia Rift Basins covering in excess of 100,000 square kilometers.

-By Max Colchester, Dow Jones Newswires; +44 (0) 207 842 9295, max.colchester@wsj.com

Stocks mentioned in the article : Tullow Oil plc, Tullow Oil plc
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Financials ($)
Sales 2016 1 476 M
EBIT 2016 247 M
Net income 2016 -34,3 M
Debt 2016 4 694 M
Yield 2016 -
P/E ratio 2016 241,82
P/E ratio 2017 17,67
EV / Sales 2016 4,81x
EV / Sales 2017 3,59x
Capitalization 2 399 M
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Mean consensus HOLD
Number of Analysts 27
Average target price 3,58 $
Spread / Average Target 36%
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Aidan Joseph Heavey Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Paul McDade Chief Operating Officer & Executive Director
Ian Springett Chief Financial Officer & Executive Director
Angus Murray McCoss Executive Director & Exploration Director
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