Bloomberg News

Canada’s Africa Oil Surges on Oil Discovery: Vancouver Mover

March 26, 2012

Africa Oil Corp. (AOI), a petroleum and natural-gas explorer in East Africa, surged the most in almost a decade after it discovered crude for the first time in Kenya.

The shares rose 43 percent to C$3.35 at the close in Toronto, the most since May 2, 2002.

Africa Oil and partner Tullow Oil Plc (TLW) found 20 meters (66 feet) of oil in the Ngamia-1 exploration well, the Vancouver- based company said in a statement today. The well has been drilled to about a third of its target depth.

Africa Oil has assets in Kenya, Ethiopia, and Somalia, according to the statement.

To contact the reporter on this story: Jeremy van Loon in Calgary at jvanloon@bloomberg.net; Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net; Will Kennedy at wkennedy3@bloomberg.net


Soul Searcher
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus