Africa Oil Corp. (CVE:AOI), a Canadian oil exploration company with assets in Eastern Africa, rose to the highest in nearly two weeks after saying it will complete 20 exploration and appraisal wells in Kenya and Ethiopia this year.
Africa Oil rose 2 percent to C$8.31 at 2:32 p.m. in Toronto, after reaching C$8.54, the highest intraday price since Jan. 29.
The Vancouver-based company said in a statement today that its 2014 exploration and appraisal program has three objectives: to appraise the existing key discoveries, to drill out the remaining prospects in the South Lokichar basin, and to open at least one of the four new basins being tested along trend.
Africa Oil said it currently has seven rigs running and after releasing one in mid-year, it will have six rigs running full time through the remainder of the year.
"This fully funded program should continue to deliver high potential upside value for shareholders through this year and beyond," Chief Executive Officer Keith Hill said in the statement.