British oil explorer Heritage Oil said it had made a ”world-class” oil discovery in Uganda.
Heritage said it believed reserves in the Giraffe 1 well and a linked discovery known as Buffalo, which was announced in December, could total more than 400-million barrels of oil.
The company said the finds in an area known as Block 1 may extend further to the north and east and may include the Buffalo East prospect, which it said could create a very large structure of up to 90 square kilometres.
Heritage runs Block 1 and another block, 3a, and has a 50% equity stake in the exploration licences, with Tullow Oil holding the other 50%.
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, unlocking the multibillion barrel potential of Block 1.” — Reuters