The CEO states Tullow sp is much too low and I bought in on the comments---todays results are excellent and I feel this one is being overlooked on here. check it out bargain hunters-I'd welcome some expert feedback!

shame you lot didn't buy many moons ago ..... on cfd or even s/b the price is not nearly as scary

Kenyan President Kibaki announced the oil discovery but cautioned that even if found to be commercialy exploitable it would take a minimum of 3 years to bring the oil to market.

This is the same drill that africa oils news today gave their sp a rise of 34%






..Tullow Oil shares set to rally after Kenya oil find

By Ben Harrington | Telegraph – 23 minutes ago

......
Tullow Oil (Stuttgart: 591219 - news) shares are expected to leap on Tuesday morning (NasdaqGS: TUES - news) after the company said it found more oil at one of its projects in Kenya.

The FTSE 100 company said that the Ngamia-1 exploration well onshore in Kenya a 50:50 joint venture with Toronto-listed Africa Oil (Stockholm: AOI.ST - news) had found more crude oil buried in the rock beneath the soil of Turkana than the company had previously announced.

Tullow said: "Many leads and prospects similar to Ngamia have been identified and, following this discovery, the outlook for further success has significantly improved."

The Ngamia structure is the first prospect to be tested as part of a multi-well drilling campaign in Kenya and Ethiopia.

Al Stanton, an analyst at Royal Bank of Canada, said: "Considerable uncertainty still surrounds the commerciality of the Ngamia oil accumulation but, given the scale of their [Tullow and Africa Oil's] acreage position and repeat potential, we expect the participants' stocks to react strongly to the news."

The timing of Monday's announcement is fortuitous because on Friday last week, Tullow whose main production asset is the Jubilee field off the coast of Ghana was one of the worst performing shares in the blue-chip index after disappointing drilling news from its Teak-4A appraisal well off Ghana.

Tullow's partner in the project, Kosmos Energy, said the well had encountered thin, non-commercial reservoirs as a result, the well was being plugged and abandoned.

Tullow's shares fell 88p to close at £14.61 on Friday night.

Well Update - Kenya
RNS
RNS Number : 8243C
Tullow Oil PLC
08 May 2012



News Release




Ngamia-1 well in Kenya Rift Basin discovers further oil


7 May 2012 - Tullow Oil plc (Tullow) announces that the Ngamia-1 exploration well onshore Kenya in Block 10BB has now been drilled to an intermediate depth of 1,515 metres and the total net oil pay encountered so far has increased to in excess of 100 metres across multiple reservoir zones.



Following the initial announcement on 26 March 2012, that Ngamia-1 had encountered in excess of 20 metres of net oil pay, the well has now been deepened from 1,041 metres to 1,515 metres. A sidetrack was required in this section and following completion of logging and sampling in difficult hole conditions, a total pay count greater than 100 metres has now been discovered over a gross oil bearing interval of 650 metres. Oil samples with an API greater than 30 degrees have been recovered to surface from the newly drilled section with similar properties to the light waxy crude encountered in the upper reservoir zone.



The Ngamia structure is the first prospect to be tested as part of a multi-well drilling campaign in Kenya and Ethiopia. Many leads and prospects similar to Ngamia have been identified and following this discovery the outlook for further success has significantly improved. Tullow has proposed to the Government an increase in 2D seismic acquisition and the sourcing of an additional rig to increase drilling activities.



The Ngamia-1 well will continue to be drilled to a total depth of approximately 2,700 metres to explore for deeper potential. Plans are being put in place to drill stem test the well although the exact timing of this testing is yet to be decided. The Weatherford 804 rig will then move 31 kilometres to the Tullow Operated Block 13T, where the Twiga-1 (formerly known as Mbango-A) wildcat well will spud in the second half of 2012. A further rig is being sourced to drill the Tullow Operated Block 10A Paipai prospect in Marsabit County.



Tullow has a 50% operated interest in seven onshore licences in the Kenya & Ethiopia Rift Basins covering in excess of 100,000 square kilometres. The basin where the Ngamia discovery has been made is one of seven basins mapped in Tullow's acreage and is similar in size to the Lake Albert Rift Basin in Uganda.



Tullow (50%) operates Block 10BB and is partnered by Africa Oil (50%).



Commenting today, Angus McCoss, Exploration Director, said:

"This ongoing wildcat is an excellent start to our exploration campaign. The net pay encountered so far in Ngamia-1 is more than double that encountered in any of our East African exploration wells to date. We now look forward to the drilling and evaluation of the deeper potential of this well and the acceleration of our seismic and drilling campaigns in the region."

down a lump on friday on ghana news and recovered all today - silly innit

Kenya gain offsets Ghana fall for Tullow

......
Tullow Oil (Stuttgart: 591219 - news) spurted to the top of the FTSE 100 (Euronext: VFTSE.NX - news) leaderboard, as investors reacted to Monday’s news that the explorer had discovered more oil in Kenya.

Tullow struck the country’s first ever oil find in March, but drilling deeper at the Ngamia-1 well had now revealed significantly larger reserves, it said. It also had other prospects similar to Ngamia-1 and therefore “the outlook for further success has significantly improved”. Analysts at Nomura, SocGen (Paris: FR0000130809 - news) and Credit Suisse (NYSEArca: CSMA - news) all upped their price targets.

Tullow’s rise, up 48p to £15.17, couldn’t completely offset its fall on Friday - when it lost 88p after disappointing drilling news from Ghana - but was enough to see the explorer finish the day as the best performing blue chip stock.

Interim Mangement Statement.

probably of no significance, but sp has shot ahead today (yes i know others have too) with double usual volume

It seems a good company, but I wonder if it is not a bit pricey with such
a high PE ratio. Compare it to AFREN pe

It seems a good company, but I wonder if it is not a bit pricey with such
a high PE ratio. Compare it to AFREN pe

i have both + PMO ..... TLW is something of a heavyweight, but has some excellent assets and a pretty strong drilling success rate ..... this makes it a possible t/o target - friend halifax doesn't like TLW at all, but has been consistently wrong :-)

I just have Afren and old favourite Sterling Energy.
Very hopeful for Afren,
SEY is in doldrums, and I wrongly keep hoping it will take off one day before I die
PMO up nicely today, with oil find in N Sea
Good luck Are you off cycling again this year

over the late august bank holiday as usual ..... alsace this year ...... as we don't like the macho mountain climbing bit, we are primarily following the route des vins south from strasbourg to a bit south of colmar, then a loop back to riquewihr, then across the rhine for a day and a bit in the black forest and thence back to strasbourg - usual 5 days of cycling (+ good eating and wine tasting!)

yet another useful strike reported this morning ..... now you know why this share trades at a premium

Numis note for you Mr C:
"The first deepwater well to be drilled in the CI-103 licence has encountered 31m of net oil pay in a continuous hydrocarbon column. Samples show a light oil of 41deg API. Further analysis is required in order to determine the size of the Turonian fan system and reservoir quality (hence commericality). Nevertheless, this is clearly a positive and extends the proven Turonian play westwards from Ghana. Uncertainty remains on the size of Paon-1x, however, assuming good reservoir quality and appraisal of Paon-1x as well as adjacent fan systems we can see Tullow heading towards a pre-drill estimate of 205mmboe gross (Pmean) which we believe could add 31p/share to our 1155p NAV. Given the potential to reach pre-drill volumes we de-risk Paon-1x from 25% COS to 75% COS and upgrade to 1186p today (+2.7%). A positive result which could potentially lead to Tullow's first 'hub class' discovery in Cote d'Ivoire.
High impact E&A - watch our for Ngaima deep, Jaguar: Tullow have discovered over 100m of net pay (in four horizons) in the Ngaima-1 exploration well and is now targeting deeper prospectivity (Lokhone sandstones) at the same well location. Clearly, further oil pay will be extremely encouraging and could make Ngaima a stand-alone commercial discovery. Nevertheless, exploration risks remain with deeper intervals found to be water bearing on the Basin at Shell's Loperot-1 in 1992. Repsol/Tullow continue to drill the Turonian Jaguar prospect (result in August 2012). Jaguar and Eagle-1 (a recent CGX dry-hole) share the same Cenomanian source but target different play types. Oil/gas shows at Eagle provide encouragement but without further detail on the CGX well result the read across is ambiguous . Success at Jaguar alone would add 26p/share to our NAV..

Will TLW be compensated if France has banned further drilling offshore French Guyana?

no; why would they be? ...... however, this looks like the new french gov't posturing and would not expect such a ban to have much life ...... fortunately TLW (and Shell!) have a presence in many parts of the world

cynic if the french government issued a drilling licence and then revoke it surely oil company expenditure should be compensated?

Shell is the leader in that consortium, and for sure they won't be shy ...... however, i'm certain that they won't even have thought of mobilising any kit to go out there yet, as this is a new exploration project with many more facets to resolve first

specially for friend hali!

The French government has backtracked on a decision to delay plans by Royal Dutch Shell to drill for oil off the coast of French Guiana, a member of parliament for the overseas territory said, after local politicians protested.