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Monday, 10 March 2014

Ethiopia Strikes Oil

Ethiopia could be sitting on large energy reserves, says John Daly the chief analyst for Oilprice.com.

He said two explorers, British oil firm New Age (African Global Energy) and its Canadian oil firm partner Africa Oil, found an oil and gas flow at its Elkuran-3a appraisal well depth of 3 900 feet. The company began drilling the appraisal well in October 2013, with a targeted depth of 9 350 feet.

Daly said oil and gas flows are very common in that region, especially in the Elkuran and Hilala regions, but that more exploration work is needed.