Link not working LONDON--Tullow Oil PLC (TLW.LN) said Monday that the Mbawa-1 exploration well in the L8 license area, offshore Kenya, has encountered gas in the shallowest objective.
MAIN FACTS:
-The Mbawa-1 exploration well has been drilled to a depth of 2,553 meters and has encountered 52 meters of net gas pay in porous Cretaceous sandstones.
-The well will now be drilled to a total depth of 3,275 meters targeting further exploration objectives.
-Apache, with 50%, is Operator of the offshore Block L8 License along with partners Origin Energy, with 20%, Pancontinental, with 15%, and Tullow, with 15%.
-On-going drilling remains on course to test for any deeper oil potential within this gas prone region
-Shares closed Friday at 1,404 pence valuing the company at GBP12.74 billion.
KENYA IS ON FIRE
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