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Canada’s Africa Oil Surges on Oil Discovery: Vancouver Mover

Africa Oil Corp., 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 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.

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