{{Africa-focused Tullow Oil Plc hailed a “very successful” exploration programme in frontier oil country Kenya on Wednesday, reporting a strong well test flow rate and doubling its estimates of the depth of the oil resource in the basin.}}<\/p>\n
In the first half 2013 trading statement it also announced confirmation of a new oil discovery at its Etuko prospect in the southern part of the Lokichar basin, and said its Sabisa-1 well in Ethiopia had established that the hydrocarbon system there was oil prone.<\/p>\n
The report for Tullow’s Ngamia-1 well said tests had found a constrained flow rate of 3,200 barrels a day, more than the minimum analysts had been hoping for, and doubled its estimate of net oil pay depth to 200 metres for Ngamia-1 and 75 metres for another Lokichar well, Twiga-South-1.<\/p>\n
“The Kenya upgrades… will drive the stock higher today,” said analyst Mark Wilson at Macquarie.<\/p>\n
“Overall Kenya is getting the company back on track to following up basin opening success with basin commercialising success.”<\/p>\n
Tullow sees a flow rate potential of 5,000 barrels a day based on Ngamia-1 and Twiga-South-1, and estimates there are 250 million barrels of oil in place – a forecast it said could increase further after appraisal.<\/p>\n
Tullow is focused on exploration but is producing oil in Ghana. It said government talks about developing resources it discovered in Uganda, another frontier oil country, were “ongoing”.<\/p>\n
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