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.