Tullow's Uganda drilling finds oil

Exploration group Tullow Oil said today its exploration well in Uganda's Lake Albert Rift Basin has found oil and gas and that…

Exploration group Tullow Oil said today its exploration well in Uganda's Lake Albert Rift Basin has found oil and gas and that it will now plans further drilling.

In a statement this morning Tullow – which has projects on three continents – said the results from the Ngege-1 well have confirmed the presence of a well developed reservoir.

The company said it was now planning to drill in the Karuka-1 prospect, which lies 24kms south of Ngege-1.

Aidan Heavey, Tullow chief executive said the company was pleased with the results. "This is the eleventh well in the basin to encounter hydrocarbons and has extended the range over which oil has been discovered to 150kms."

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