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Tullow Rises Most in Seven Weeks on Second Kenya Oil Discovery

Oct. 31 (Bloomberg) -- Tullow Oil Plc, the U.K. explorer that unlocked billions of barrels from Uganda to French Guiana, rose the most in seven weeks after finding oil in Kenya for the second time this year.

Tullow gained as much as 3.6 percent, the most since Sept. 14, and traded at 1,430 pence as of 1:15 p.m local time.

Drilling is still taking place at the Twiga South-1 exploration well in onshore Kenya Block 13T, the London-based company said today in a statement. Results are expected by mid-November after target depth has been reached at the well that’s co-owned by Africa Oil Corp.

Business Daily in Nairobi reported earlier that Tullow found more than 30 meters (98 feet) of oil in block 13T, citing people it didn’t identify, as the company has embarked on a multiwell drilling campaign in Kenya and Ethiopia. Tullow declined to comment on the potential size of the find.

The company made Kenya’s first oil discovery earlier this year at its Ngamia well in the north of the country. Tullow’s Chief Executive Officer Aidan Heavey said in May that Kenya’s oil potential may be greater than neighboring Uganda, where the company and its partners have found about 2.5 billion barrels of resources.

To contact the reporter on this story: Roxana Zega in London at rzega@bloomberg.net

To contact the editor responsible for this story:

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