Tullow shares rise after Kenya oil discovery

Tullow Oil, the Irish explorer with the most licenses in Africa, climbed the most in six weeks in London trading after raising its estimate of crude at Kenya’s first oil find.

Tullow rose 3.3% to 1,517 pence, the biggest one-day gain since Mar 26, after saying deeper drilling at the Ngamia-1 well revealed over 100m of oil.

That is five times more than earlier reported and more than double the amount at Tullow’s other East Africa exploration wells, it said.