Tullow Oil said today it has found oil deposits at its exploration well in Uganda but is not yet certain if the find is commercially viable.
Oil samples have been recovered from the Mputa-1 well of approximately 10 metres gross thickness at a depth of 965 metres. Tullow said the sampling programme is continuing and will include deeper drilling where evidence of hydrocarbons has also been encountered.
Aidan Heavey, chief executive of Tullow, said: "The initial results of the Mputa-1 well are very significant in that they prove the existence of a working petroleum system in the Albertine Basin where Tullow has a 50 per cent equity interest throughout.
"While it is too early to determine the size or potential commerciality of Mputa-1, the results significantly reduce the risk of the prospects mapped in Blocks 2 and 3A."