onshore kenya - woo-hoo!!!

Tullow just keeps getting better and better.
To all you ex Hardman faithful - keep the faith!
20+ Pound share value shortly - nearly a 10 bagger since the take over.
Note below ... "first basin potentially the same size as the whole of Uganda"

Tullow's expectations of Kenya have exceeded their initial impressions. They are looking to mobilise 5 rigs for this year alone!

http://www.ft.com/cms/s/0/184350fe-8925-11e1-85af-00144feab49a.html#axzz1sQVay2O4

"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.”

Tullow shares advanced 2.4 per cent to £15.18, in spite of trading ex an 8p dividend. Merrill had a £20.47 target on the stock."

Another positive read across for Afren, and even better that Afren has a 20% interest in one of the wells to be drilled by Tullow on Block 10A which has gross resources of 250mmbl.

However, I must note, it looks like Tullow knew exactly what they were doing when they acquired licenses in Kenya. They came into the country later than Afren, but have acquired all the licenses in the same area surrounding Lake Turkana (see link http://www.tullowoil.com/index.asp?pageid=432 ). Afren has one license in which they have a 20% interest which Tullow operates, but other than that the licenses Afren has in Kenya are much more spread apart than Tullow's which look carefully selected in comparison.