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UK oil explorers in Ugandan find

UK oil explorer Heritage Oil and its partner Tullow Oil have made a "world class" oil discovery in Uganda.

The finding by the Giraffe exploration well could be the largest discovery in the Lake Albert Rift Basin to date.

Reserves in the well and a linked discovery known as Buffalo, which was discovered in December, may come to more than 400 million barrels of oil.

Heritage has a 50% equity stake in the exploration licences, with Tullow Oil holding the other 50%.

Source of this news is from bbc website

Posted on Tuesday 13th January 2009

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