|Source: Business Daily Africa|
British firm Tullow posted in an operation update on Wednesday that the initial tests show a sign of positive prospects at the Cheptuket-1 well in Block 12A, in Rift Valley.
“The objective of the well was to establish a working petroleum system and test a structural closure in the south-western part of the basin,” Tullow stated.
The British firm added :”The strong oil shows encountered in Cheptuket-1 indicate the presence of an active petroleum system with significant oil generation.”
The oil exploration firm said the post-well analysis is underway and will determine the future exploration programme in the basin.
The strong show in the oil tests has caused Tullows shares to spike by more than 4.5% today. Equities analysts at Barclays have said the result could signal that the Kerio Valley is the second prolific basin to have been discovered in Kenya
Tullow’s exploration boss Angus McCoss stated: “This is the most significant well result to date in Kenya. Encountering strong oil shows across such a large interval is very encouraging indeed. I am delighted by this wildcat well result and the team are already working on our follow-up exploration plans for the Kerio Valley Basin.”
Tullow has 40 per cent shares in Block 12A, Delonex Energy has 40 per cent while Africa Oil Corporation holds a 20 per cent stake.