Independent oil and gas exploration and production firm Tullow Oil (LSE:TLW) said two wells being drilled in Kenya have encountered oil.
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In a statement today, the FTSE100 constituent said the Twiga-2 appraisal well found 62 metres of net oil pay after sidetracking the well from its original drill. Before sidetracking, the well only encountered 18 metres of net oil pay.
The other well, Ekunyuk-1, however, only found five metres of net oil pay, and the rig will now be moved to another location.
“The combined results from Twiga-2 and its successful sidetrack confirm the resource potential and have given us valuable insights for the locations of future exploration and development wells,” Tullow Oil’s Exploration Director Angus McCoss said in a statement.
Tullow Oil started exploring in Kenya in 2010 after acquiring 50 percent stake in about 65,000 square kilometres. First discovery of oil was in 2012, and several discoveries followed.
Shares of Tullow Oil dropped 1.7 percent to GBP 868.00 an hour after London market opened.
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