TULLOW Oil, the Irish-owned oil exploring company, has discovered more oil in Block 2 in the Bunyoro sub-region in western Uganda.
Another successful test drill at the Nzizi 2 oil well, which was drilled to about 675 metres, is expected to be announced to the investors soon. The well is to undergo a test drill.
The earlier discovery of oil at Kingfisher in Block 3A, gives the company a five-out-of-five oil strike success rate since drilling began in the last quarter of 2006.
The Kingfisher discovery, with a flow rate of about 14,000 barrels of oil per day, is so far the largest find in Uganda.
Tullow Oil last year bought out Hardman Resources, making it 100% owner and operator of Block 2, where four wells have been drilled with a combined flow rate that could exceed 14,000 barrels of oil per day once Nzizi 2 is done.
According to the Rigzone Newsletter, the company’s shares on the Irish Stock Exchange rose by 15 cents to 5.82 Irish Dollars last week and climbed to 17 pence to 4.16 pounds in London on Friday, lifted by news about the group’s Ugandan project which continues to excite the market.
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