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