Africa Oil Corp. (CVE:AOI
) (PINK:AOIFF) share price slipped higher on a bullish note today still carrying the weight of the recent additional oil discoveries in Kenya.
AOI stock continues to gain value today and already secured 10% during the first half of the session. The trading activity is over the top as well - 2.8 million shares changed hand thus far, which is already significantly above the daily average turnover of 1.5 million.
The stock got very popular a couple of days ago when the company announced to have found additional oil on their Ngamia-1 well in Kenya. Africa Oil holds a 50% working interest in the block, with the remaining 50% belonging to Tullow Oil Plc. (LON:TLW).
Four good quality oil bearing reservoirs were discovered after drilling additional 500 meters to a total depth of 1,041 meters. That's roughly a third of the total depth planned for this well.
The stock has been in focus for an extended time already because of the company's properties in East Africa, which sit on the Great Rift Valley, promising large bearings of oil underneath. The findings in Kenya are a big step since no commercial discoveries have been made there thus far.