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.
-Write to Rory Gallivan at rory.gallivan@dowjones.com; Twitter:
@RoryGallivan
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