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%.

'Fast-tracked'

Heritage chief executive Tony Buckingham said: "The large Buffalo-Giraffe structure is a world-class discovery which could prove to be substantially more extensive than currently outlined."

And Aidan Heavey, Tullow chief executive, said: "Buffalo-Giraffe is one of the largest recent onshore oil discoveries in Africa.

"Combined with our other finds in the region, we have now clearly exceeded the thresholds for basin development.

"Options for commercialisation and first oil production are currently being fast-tracked."

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