Tullow CEO Says Kenya May Have Greater Oil Potential Than Uganda

Oil and Gas Investing

Bloomberg reported that Aidan Heavey, CEO of Tullow Oil plc (LSE:TLW), believes Kenya may have more oil potential than Uganda, although as yet Kenya has no proven reserves.

As quoted in the market news:

‘What surprised us in Kenya was that the first well had such a big section of oil,’ Heavey said in London. Drilling at Tullow’s Ngamia-1 well revealed more than 100 meters (328 feet) of oil, more than double the amount at its other East African exploration wells, the company said earlier this month.
‘We are pretty confident that we can move pretty fast in Kenya if we prove up the commercial amount of oil,’ Heavey told reporters. “It’s a great start.”

Click here to read the full Bloomberg report.