Kenya announces first oil find

Kenya yesterday announced its first oil discovery, saying it was found in the northern part of the country where British explorer Tullow Oil has been conducting exploratory drilling. The firm said the discovery was “beyond our expectations”, helping send the company's shares up 6.6 per cent to £15.70. Kenya and its neighbours in east Africa have become an international hot spot for oil and gas exploration after commercial oil deposits were found in Uganda and natural gas in Tanzania and Mozambique. President Mwai Kibaki said in a statement that Tullow had established oil and would drill more wells in the area to ascertain the commercial viability of the find.