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Oct. 15, 2014, 10:19 AM
- Ethiopia will grant Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) an extension to its exploration license after the company reported “encouraging” results in its search so far, the country's mining minister says.
- Tullow had requested more time to analyze data from drilling and seismic surveys in southern Ethiopia after two out of four wells it drilled in the past two years, along with partners Marathon Oil (NYSE:MRO) and Africa Oil (OTCPK:AOIFF), show they may contain petroleum deposits.
- No oil or gas is currently produced by Ethiopia.
Jun. 24, 2014, 8:20 AM
- Tullow Oil (TUWLF, TUWOY) says Africa Oil (AOIFF), its partner in Blocks 10BB and 13T in northern Kenya, has found high-quality oil reservoirs at the Ngamia-2 exploratory appraisal well.
- Tullow says Ngamia-2, which was drilled a mile from the Ngamia-1 discovery well, found 128 ft. of net oil pay and 36 ft. of net gas pay.
- 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.
May 14, 2014, 12:56 PM
- Kenya’s first commercial oil discovery could yield $10B in revenues over a 30-year production period based on regional geological characteristics and well test results, according to consulting firm GlobalData.
- Tullow Oil (TUWLF, TUWOY) and Africa Oil (AOIFF) have made five discoveries since 2012 and plan to run six rigs full time for the foreseeable future while they continue to advance exploration activities on the block.
- Although Kenya’s first competitive licensing round has been put off until Q4 at the earliest, the firm thinks the delay actually could serve to build interest.
Mar. 4, 2014, 12:58 PM
- Marathon Oil (MRO +1.2%) agrees to acquire a 50% interest in the Rift Basin Area in Ethiopia from Africa Oil (AOIFF), which received Ethiopian government approval for the farmout agreement.
- Africa Oil will maintain operatorship of the block, but MRO may become operator if a commercial discovery is made; MRO will make an entry payment of $3M and will fund $15M of Africa Oil's working interest share of JV expenditures in the Rift Basin Area.
Oct. 3, 2012, 10:35 AMMarathon Oil (MRO -1.1%) says it will pay up to $50M to make its first move into Ethiopia, as an MRO subsidiary enters into a sale and purchase agreement with Agriterra Ltd. to purchase a 20% working interest in the South Omo concession. Tullow Oil is the operator with a 50% working interest, and Africa Oil holds the remaining 30%. | Oct. 3, 2012, 10:35 AM | Comment!
May 9, 2012, 3:16 PMKenya must overcome many obstacles before it can maximize the benefits of joining Africa's oil boom. Oil companies like Tullow (TUWOY.PK) hope the country will remain politically stable enough for them to stay and recover exploration costs and make a profit, and the oil area is 800 km away from the Mombasa port with no rail, pipeline or proper roads. | May 9, 2012, 3:16 PM | Comment!
May 7, 2012, 3:56 PMAfrica Oil's (AOIFF.PK +36.7%) pink sheet shares skyrocket after Tullow Oil (TUWOY.PK +5.2%) says the Ngamia-1 well, Kenya’s first oil discovery, may be East Africa's largest oil find following drilling more than halfway to the planned target depth. Africa Oil is Tullow's partner in the site; Tullow is the U.K. explorer with the most licenses in Africa. | May 7, 2012, 3:56 PM | 1 Comment
Mar. 26, 2012, 9:22 AM
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