UPDATE: Africa Oil: Ngamia-1 Well Discovers Additional Oil in Kenya; Shares Jump Past Year Highs

By Midnight Trader,  May 07, 2012, 10:24:39 AM EDT

Africa Oil Corp. (AOI.V) has climbed 26% in mid-morning trade after announcing today an update on the oil discovery at the Ngamia-1 well on Block 10BB, Kenya.

The Ngamia-1 exploration well in Kenya has now been deepened to a total depth of 1515 meters and has encountered in excess of 100 meters of net oil pay in multiple reservoir zones over a gross interval of 650 meters. A further four good quality, oil-bearing reservoir zones have been encountered.

AOI is now trading at $7.32. It has touched $8.47 earlier, which is well above existing year highs of $6.34. Volume traded is over 3 million.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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