xiimaaya Posted March 29, 2012 Africa Oil finds oil in Kenya, shares jump inShare 2 Share this Email Print Related News UPDATE 2-Kenya strikes oil, to check commercial viability Mon, Mar 26 2012 UPDATE 2-BG Group's Tanzania gas find raises LNG hub hopes Mon, Mar 26 2012 UPDATE 1-Eni sees Mozambique gas reserves up to 1,133 bcm Mon, Mar 26 2012 UPDATE 7-Oil rises on drop in Iranian crude exports Fri, Mar 23 2012 Pengrowth to buy NAL Energy for C$1.3 billion, boosts light oil assets Fri, Mar 23 2012 Analysis & Opinion Saudi words won’t ease pressure on U.S. fuel prices The unending warfare in Africa Related Topics Hot Stocks » Asian Markets » Mon Mar 26, 2012 10:57am EDT (Reuters) - Canada's Africa Oil Corp (AOI.V) said it found oil at one of its wells at Block 10BB in Kenya, the first such discovery in the African country. Shares of Africa Oil -- which also has assets in Ethiopia, Mali and Puntland in Somalia -- rose as much as 58 percent to a nearly three-and-half year high of C$3.71 on the Toronto Venture Exchange. The stock was one of the top percentage gainers on the exchange. On Monday, Kenya announced its first oil discovery in the country's northern part, where British Tullow Oil Plc (TLW.L) has been conducting exploratory drilling. Kenya and its neighbors in east Africa have become an international hot spot for oil and gas exploration after commercial oil deposits were found in Uganda and natural gas in Tanzania and Mozambique. Tullow Oil operates the Block 10BB with a 50 percent working interest and Africa Oil holds the remaining stake. Tullow Oil shares were up 2.5 percent on the news. The Ngamia-1 well will now be drilled to a depth of about 2,700 meters to explore further potential, Africa Oil said in a statement. The Lokichar Basin, where the Ngamia discovery has been made, is one of seven basins mapped in Africa Oil's acreage. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila) what the hell happend to Puntland drilling? Kenya find was at 2700 meters puntland is in depth of 300 some meters.. NO FIND so far.:confused: Quote Share this post Link to post Share on other sites
