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

Delayed Quote. Delayed  - 02/12 08:51:40 am
154.7 GBp   +4.95%
03:35a TULLOW OIL : *nomura cuts tullow oil price target to 140 (150) pence..
03:29a TULLOW OIL : *jpmorgan raises tullow oil price target to 305 (295) p..
02:45a TULLOW OIL : *exane bnp cuts tullow oil to 'neutral' ('outperform') ..
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Tullow Finds More Than 100 Meters Of Net Oil In Kenyan Well

05/07/2012 | 08:23am US/Eastern

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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