this weeks blackboard special- besbs play...

GBP holds a 25% interest in an Ugandan oil play with potential reserves of up to 100M barrels. Importantly, Heritage/Tullow Oil boast a 100% success record in their neighboring Block 1 which promises multi-billion barrel potential.

GBP's Avivi-1 is set to spud by the 1st February- environmental approvals and rig hire contract soon to be announced...

DRILLING WITHIN THE ALBERT BASIN

The Albert Basin is part of the Albert Graben which is an onshore basin and straddles the border between the D.R. Congo and Uganda.

"Last September the Canadian exploration company Heritage Oil Ltd. announced that it had discovered the country's largest oil deposit in the Albert Basin. Experts estimate that up to 2 billion barrels of crude oil reserves lie beneath Lake Albert."

http://www.glgroup.com/News/Heritage-Oil-and-Tullow-Oil-lead-exploration-efforts-in-Uganda.-34918.html

HIGH PROBABILITY OF COMMERCIAL SUCCESS

Heritage Oil and Tullow Oil have experienced extraordinary success in Block 1 and Block 3A:

"As at January 2009 18 exploration and appraisal wells have been successfully drilled in the basin since 2006. All of the wells have encountered oil bearing reservoirs and the two wells drilled in Block 3A have production tested at over 13,000 bopd.

Since the beginning of 2006, there have been 27 wells drilled in the Albert Basin, with 26 of these wells encountering hydrocarbons."

http://www.heritageoilplc.com/uganda.cfm

"Geochemistry field surveys have confirmed that there is almost certainly an active, mature hydrocarbon source and migration process taking place which substantially reduces remaining exploration risk. This has always been the main area of risk for exploration in the EA5 area so is very encouraging. Moreover, the samples taken have similar characteristics to surface seeps present in other areas of the Albertine Graben.

Some considerable encouragement can be drawn from the successful and continuing exploration programmes of Tullow Oil and Heritage Oil in Blocks 2 and 3 to the south of Tower's Block 5. Exploration drilling in Block 1 which is adjacent to Block 5 has also yielded a first discovery confirming a northward trend of prospectivity."

http://www.towerresources.co.uk/index.php?page=Uganda

DRILL LOCATION

DEVELOPMENT OF UGANDA's OIL INDUSTRY

"Dec. 9 (Bloomberg) -- Eni SpA has the funds to support the development of Uganda’s oil industry, a government minister said today, indicating Italy’s biggest energy company may succeed in its $1.5 billion acquisition of Heritage Oil Plc assets.

Tullow is targeting Ugandan output of between 5,000 and 10,000 barrels a day by 2012, rising to 150,000 barrels a day within five years."

http://www.bloomberg.com/apps/news?pid=20601116&sid=aF0AkdyBDi5E

JB