Exploration firm Tullow Oil has made an oil discovery at a well in Uganda.
The Ngassa-2 exploration well, which is located in the Kaiso-Tonya region of Block 2 in Uganda, encountered seven metres of oil pay, the company said in a statement this morning.
Tullow Oil said Ngassa has the potential to be the largest oil field in the basin to date, but further drilling is needed to determine the level of resources.
"The discovery of a significant oil field at Ngassa, with the potential to be the largest in the basin, is a major achievement for Tullow," said the firm's exploration director Angus McCoss.
"The follow-up potential in the overall Ngassa closure has been substantially de-risked by this find and we look forward to realising the upside through appraisal and further exploration drilling."
The news follows the annoucnement yesterday that an oil well in which exploration firm Tullow Oil has a 10 per cent stake made a discovery.
The Venus well, which is operated by Anadarko Petroleum, struck oil offshore in Sierra Leone.
Shares in Tullow finished yesterday up 7 per cent at €13.39 in Dublin. On the London market, shares surged this morning by as much as 4.9 per cent and were 38 pence higher at 1,225 pence as of 8.03am.
