Saturday, December 13, 2008

Tullow announces more oil in western Uganda

Uganda News, 12/12/2008

Tullow Oil plc has announced successful drilling results from the Kingfisher-3 appraisal well in western Uganda where oil prospecting is going on.

The company said in a statement today that the success of these latest well has substantially increased the proven areal extent of both the Kingfisher fields and is likely to lead to material upgrades of current resource estimates.

The Kingfisher-3 appraisal well was drilled to evaluate the south-western flank of the Kingfisher structure located in Hoima district.

Tullow Oil says the well encountered oil in three reservoirs which were all structurally higher than expected, making the Kingfisher field the largest light oil discovery in East Africa.

Results of drilling, wire line logs and samples of reservoir fluid indicate that these oil-bearing sands have a total thickness of up to 40 metres over a gross interval of approximately 110 metres.

According to the statement, pressure data indicates that the kingfisher 3 well is connected to the previously production tested Kingfisher-1 and Kingfisher-2 wells.

Aidan Heavey, Chief Executive of Tullow Oil Plc says the success of this well has significantly increased the areal extent of the Kingfisher field and in conjunction with the deeper oil-water contacts gives increased confidence in a resource upgrade.

He says the tests were outstanding since they encountered significant hydrocarbon columns outside of the proven area of Kingfisher. The company also announced successful drilling results from the Hyedua-2 appraisal well which is being drilled to appraise the Jubilee field offshore in Ghana

Heavey says Tullow is entering an exciting period for their Ghanaian and Ugandan operations with four potentially transformational wells to be drilled over the next four months.