News

June 24, 2009

Dominion Announces That An Independent Audit of Its Uganda Acreage Confirms There Is Very Significant Oil Potential In Its Exploration Area

We have written screeds about how Uganda, having been for years a no- man’s-land for oil explorers, many of whom would not think about the East African country let alone survey or drill there, has become one of the hottest new oil provinces anywhere following a string of world class discoveries by London listed Tullow Oil -- sometimes in conjunction with Heritage Oil, often not -- in its acreage on Blocks I and 2 near Lake Albert.

In part, through its success with the drillbit,  the Buitaba region in Block 1, which has seen an overall  total of 600 million barrels of oil equivalent in reserves established, Tullow has been propelled into the FTSE 100. It is now ranked as the 32nd largest company listed on the LSE. Tullow has had a remarkable record of almost 100 per cent success in its drilling, with 16 of the 17 wells it has been involved with, coming good. You would generally be considered to be doing well if...