By Tapan Panchal
LONDON--Oil and gas exploration company Tullow Oil PLC (TLW.LN)
said Friday that the Agete-1 exploration well in Block 13T, onshore
northern Kenya, has discovered oil in good quality sandstone
reservoirs.
The company said the well has discovered an estimated 100 meters
of oil pool and the discovery de-risks several follow-on
prospects.
The Sakson PR5 rig drilled Agete-1 well to a total depth of
1,930 meters. Following completion of logging operations the well
will be suspended for future flow testing to confirm production
viability.
The Sakson PR5 rig will move to drill the Ewoi-1 exploration
well, targeting a rift flank prospect similar to the recent Etuko
oil discovery.
Tullow operates the Agete-1 well with a 50% interest and Africa
Oil (AOI.V) has a 50% non-operated interest.
Tullow said that the Amosing-1 well, in Block 10BB located in
Kenya, is expected to commence drilling before the end of November.
It also intends to commence the hEtuko-1 well test, located in
Block 10BB, in November and the Ekales-1 well test in early
December.
Shares of Tullow on Thursday closed at 885 pence, valuing the
company at 8.05 billion pounds ($12.97 billion).
Write to Tapan Panchal at tapan.panchal@wsj.com
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