Africa-focused operator Tullow Oil has enjoyed a “very successful” exploration programme in Kenya.
The firm has doubled its reserve estimates for the Lokichar basin in the frontier oil country, adding it could increase again following further appraisal.
Tullow forecast that based on two wells at Lokichar, Ngamia-1 and Twiga South-1, there were 250million barrels of oil in place and a potential flow rate of 5,000 barrels a day.
The company also expects to have a government memorandum of understanding on commercialisation of Ugandan oil signed “within weeks”, adding the results from Kenya had “crystallised the thinking of all parties” around a pipeline route that would see Ugandan production exported via Kenya.