This article appeared in the London Financial Times yesterday.
Tullow's expectations of Kenya have exceeded their initial impressions. They are looking to mobilise 5 rigs for this year alone!
"Tullow Oil outperformed a falling London market on Wednesday as hopes grew that a discovery in Kenya had the potential to eclipse its previous finds.
Tullow was looking at options to accelerate drilling onshore in Kenya with five rigs available in the short term, management told a Merrill Lynch oil and gas conference on Tuesday.
Initial results from its first well had exceeded expectations before drilling had reached target depths, the company said.
“Even at this early stage, it appears that not only is this first basin potentially the same size as the whole of Uganda but that its prospectivity is better than in Uganda, not worse as previously thought,” Merrill Lynch told clients. “With six additional basins of similar size to chase after in Kenya, the opportunity set here is significant.”
http://www.stockhouse.co...p;t=list&l=0&r=0"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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