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Tullow Oil upbeat at local oil prospects

30 April 2014, 11:28

Nairobi - Tullow Oil, expressed satisfaction at progress made in its projects in the country.

In a trade update on Wednesday, the company said drilling success continued in Northern Kenya with a further two successful discoveries from three wells in the period.

The campaign in the first basin had now delivered seven successful discoveries from eight wells drilled to date, it added.

Tullow said well results from high-impact exploration campaigns in Kenya, Ethiopia and Norway were due in May.

It said development and pipeline studies were also progressing as planned in Kenya.

“We have made good progress across the business since the beginning of the year. Following the issue of our second senior note and the re-financing and expansion of our corporate revolving credit facility, the Group is well funded with a strong balance sheet and cash flow to support exploration, development and production activities," said Aidan Heavey, Chief Executive Officer, Tullow Oil.

"Exploration success in Kenya has continued with the Amosing and Ewoi discoveries in January and development planning for oil production in Kenya and in Uganda is well under way."

He said with high-impact well results expected in the coming months from new and existing basins in Kenya, Ethiopia, Gabon and Norway, there is much to look forward for the remainder of the year and beyond.

 - CAJ News

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