Tullow Oil, the U.K. explorer with projects in Africa, said its Uganda oil field’s potential crude resources are “well in excess” of 1 billion barrels after it drilled more wells in the region.
The latest well, Nsoga-1 in the Victoria Nile Delta, added about 55 million barrels of oil and de-risked surrounding prospects which are due to be drilled later in 2009, London- based Tullow said today in a statement.
Tullow and its partner Heritage Oil are exploring the Lake Albert Rift Basin in Uganda, which needs to develop its resources to cut fuel imports.
Tullow said in March it will proceed with the project, having exceeded the commercial threshold after boosting resources to about 600 million barrels of oil.
The UK company is also developing its Jubilee field in Ghana and is “on track for first oil in the second half of 2010,” it also said today in the statement.
More exploration and production wells are planned in the African country later this year. Production from several Gabon fields is exceeding expectations, Tullow said today.
The company has also secured a $2 billion (€1.46 billion) bank facility and is completing a £402 million (€449 million) equity placing.
In April, Tullow exercised its option to buy back a 7.5 per cent stake in the Ebouri field offshore Gabon, it said. The company will hold its annual shareholder meeting today at noon in London.
Bloomberg
