Tullow boosted by Uganda drilling

Tullow boosted by Uganda drilling

An upbeat drilling report on its acreage in Uganda helped Tullow Oil shares jump by more than 5%.

Heritage Oil , Tullow’s partner on the project, announced that hydrocarbons in three zones totalling approximately 40 metres have been encountered in the Kingfisher -1A well in Block 3A, Uganda following drilling in the deeper section of the block.

The Kingfisher prospect is a very large structural high that is expressed at surface on the bed of Lake Albert. Seismic data indicates the Kingfisher prospect has an areal extent of up to approximately 70sq km, Tullow said.

Plans are underway to acquire approximately 270sq kms of 3D seismic over the Kingfisher structure commencing in the first half of 2007. Options for further drilling of the Kingfisher prospect and other prospects in Lake Albert are being appraised, the statement said.

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