Tullow Oil shares soar 6% on back of Kenyan find

Shares in Tullow Oil jumped more than 6% yesterday on the back of a promising discovery in Kenya.

The Irish-founded exploration firm said via an operational update that drilling at the Etom-2 well in northern Kenya encountered 102 metres of net oil pay, indicating the presence of high quality oil.

Angus McCoss, exploration director with Tullow, said that the discovery “further underpins” the company’s development options and resource base and suggests there is “significant potential” in the previously underexplored block.