The trend is going to turn at some point and not sure why Suttie and the IIs would spend money in the mid-40s if they believed this was going to keep going down? I've bought other shares in the past where the trend has been down and it has worked out very well - remember XEL when it dropped back into the 60s last year and some were talking about 30-40p or even lower then, I bought a silly amount (for me) and that played out very nicely. Same back in 2009 when i got into some of the banks and miners at close to the bottom (RNS at 19p for instance). I still strongly believe that this will soon become too tempting for one of the larger players.
Tullow Oil reports success at Agete-1 site in northern Kenya
22 November 2013 | 07:24am StockMarketWire.com - Tullow Oil said the Agete-1 exploration well in Block 13T, onshore northern Kenya, has discovered and sampled moveable oil with an estimated 100 metres of net oil pay in good quality sandstone reservoirs.
The Agete-1 wildcat well was part of a major exploration campaign and had made the fifth consecutive oil discovery in the first of a chain of multiple rift basins across Tullow's acreage in the region.
"This discovery de-risks several follow-on prospects located to the north and is on trend with the Twiga South, Ekales, and Ngamia oil discoveries and adds to the significant resource base already discovered," the company said in a statement.
The Sakson PR5 rig drilled Agete-1 to a total depth of 1,930 metres. Following completion of logging operations the well will be suspended for future flow testing which will confirm the net pay count. The rig will then move to drill the Ewoi-1 wildcat in the east of this basin, targeting a rift flank prospect similar to the recent Etuko oil discovery.
Tullow operates the Agete-1 well with a 50% interest and Africa Oil (50%) has a non-operated interest.
Elsewhere in Kenya, exploration and appraisal activities continue to accelerate with the Amosing-1 well, in Block 10BB, expected to commence drilling before the end of November with the Weatherford 804 rig.
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