Blow for Tullow Oil in Kenya

Shares in Tullow Oil fell 2.3 per cent yesterday after the oil exploration firm said a test well in Kenya had failed to find viable crude oil deposits. Despite the disappointment, Tullow remained upbeat, saying it would continue to explore and appraise its first successful basin, as well as step out into several untested basins. Exploration director Angus McCoss said together these had the “potential to become a transformational new oil province.”