Africa Oil Corp. (AOI), a petroleum and
natural-gas explorer in East Africa, surged the most in almost a
decade after it discovered crude for the first time in Kenya.
The shares rose 43 percent to C$3.35 at the close in
Toronto, the most since May 2, 2002.
Africa Oil and partner Tullow Oil Plc (TLW) found 20 meters (66
feet) of oil in the Ngamia-1 exploration well, the Vancouver-
based company said in a statement today. The well has been
drilled to about a third of its target depth.
Africa Oil has assets in Kenya, Ethiopia, and Somalia,
according to the statement.
To contact the reporter on this story:
Jeremy van Loon in Calgary at
Eduard Gismatullin in London at
To contact the editor responsible for this story:
Susan Warren at
Will Kennedy at