In other news:
An American company has started the search for oil off the Kenyan Coast, barely four months after Tullow Oil struck huge reservoirs in Turkana County.
Apache Corporation will start drilling in the Lamu basin in a week at a block known as Mbawa 1, 70 kilometres off the shoreline.
The company's public and international affairs manager, Mr John Roper, told the Daily Nation the project would start between August 10 and 15.
"The well, called the Mbawa 1, is targeting what we hope is a large oil reservoir. The Mbawa well will take about two months to drill to its planned depth of 3,200 metres. The main challenge we face in drilling this well is the same as whenever we drill an exploratory well — we won't know for sure what we have got until we're finished," he said....
He said the block was picked because it is identical with the ones on the northern shores of Madagascar where the company found more than 30 billion barrels of oil.
"If you move Madagascar over to Kenya (as if they are puzzle pieces), you'll see its northern and western coasts fit very nicely into the coast of Kenya, where it actually originated prior to the major plate breakup that happened about 150 million years ago.
"Along Madagascar's northern shore there's about 30 billion barrels of oil in place. If you do plate reconstructions, what you find is it fits very nicely with our block position in the Lamu basin. The oil found in Madagascar comes from Jurassic source rock and we believe this same source could be in the area where we are planning to drill off of the coast of Kenya," Mr Roper said.
"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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