Tullow strikes oil in Kenya

Tullow Oil (TUWLF, TUWOY) says it made a significant discovery in Kenya, recording an estimated 100 meters of net pay in good quality sandstone reservoirs.

Agete-1 is Tullow’s fifth consecutive oil discovery in the region and follows Ekales-1, which encountered net oil pay measuring 60-100 meters in September.

The find should build on confidence that Tullow’s acreage will contain very material oil resources, analysts say, which should stand the company in good stead for making further discoveries during the intensive 2014 drilling campaign.

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