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

TULLOW OIL (TLW)
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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 2017 1 621 M
EBIT 2017 164 M
Net income 2017 -80,8 M
Debt 2017 3 507 M
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018 17,24
EV / Sales 2017 3,83x
EV / Sales 2018 3,39x
Capitalization 2 695 M
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Mean consensus HOLD
Number of Analysts 25
Average target price 2,62 $
Spread / Average Target 34%
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Managers
NameTitle
Paul McDade Chief Executive Officer
Aidan Joseph Heavey Chairman
Les Wood Chief Financial Officer & Executive Director
Angus Murray McCoss Executive Director & Exploration Director
Tutu Agyare Independent Non-Executive Director
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