Canadian oil & gas company Africa Oil Corporation (CVE:AOI, STO: AOI) announced an oil discovery on the Ngamia-1 well in Kenya. The Block is 50-50 owned by Tullow Oil (LSE: TLW) and Africa Oil with Tullow being the operator. The exploration well encountered over 20 metres of net oil pay.
This is the first prospect to be tested in the Tertiary Rift Basin in Kenya and Ethiopia. Africa Oil said it has identified many similar leads and prospects. The expectations for the rest of the basin are raised and an aggressive drilling program in the region will go on in the next 18 months. Africa Oil climbed over 40% in Monday action.
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