Exploration group Tullow Oil PLC (TLW.LN) announced late March that it has encountered poorly developed sands in a site on Block 10BB in Anza basin in Northern Kenya.
Encountering poorly developed oil bearing reservoir sands means the oil deposits maybe unavailable for commercial drilling.
The shares fell at 777 pence valuing the company at 7.1 billion pounds ($11.7 billion).
This announcement led to a share price fall and investors jitters.
The results on Tullow Kenya operations often affect the shares with good announcement forcing the share price to go up while poor results leads to a share price fall.
Tullow Kenya remains upbeat that the ongoing drilling will be positive and that the drilling of Amosing well will yield the much desired results.
The Amosing discovery has been so far very promising and it is likely to be the biggest discovery on the Turkana drilling areas farmed out to Exploration group Tullow Oil PLC (TLW.LN).
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