uganda oil reserves in 3 blocks could hit 6b b, page-3

Hi SF,

Amazing article!

These three paragraphs should put a fire under the GBP SP prior to and during their upcoming drill:

"Oil reserves in Uganda's three blocks along the Lake Albert basin could be at least 6 billion barrels up from the current estimate of 2 billion barrels once appraisals are completed in around two years time, the energy minister told Dow Jones Newswires Thursday.

"Oil wells drilled so far in the blocks have returned 94% discovery rates, the potential is enormous," he said. Oil has been discovered in 32 out of the 34 wells drilled since 2006 with less than half of the oil fields drilled, he added."

JB
More oil is expected to be discovered in Uganda's northern and northwestern regions and exploration activities will take place there in the future, the minister said.