tlw up 9.2 percent, page-6

even better news today Sailorgirl, with Ngassa-2 hailed as the biggest find in Uganda and TLW sp touching 1245pence or 12pound45p mid morning in London.
Thursday September 17, 08:36 AM
UPDATE 1-Tullow Oil says latest Uganda find may be largest
By Tom Bergin LONDON, Sept 17 (Reuters) - UK-based oil explorer Tullow Oil (LSE: TLW.L - news) said it has struck what may turn out to be the largest oil find yet in a block it plans to partly sell-off in Uganda's Lake Albert basin.

Tullow said in a statement on Thursday that results from its Ngassa-2 exploration well in Block (NYSE: HRB - news) 2 suggested a 'significant' oil column.

'The discovery of a significant oil field at Ngassa, with the potential to be the largest in the basin, is a major achievement,' Exploration Director Angus McCoss said.

Tullow did not say how much oil it had found but analysts said it could be hundreds of millions of barrels.

'Management's preliminary guidance on reserves is a mean estimate of 115 million barrels,' Phil Corbett, oil analyst at Royal Bank of Scotland (LSE: RBS.L - news) , said.

'In addition, the company is flagging another 400 million barrels of prospective resources which is supported by seismic,' he added.

Tullow said last month that it planned to sell down part of its 100 percent stake in Block 2 in the coming months.

'It is not unreasonable to suggest that industry players may 'pay up' for some of the upside in any farm-in (part-purchase),' Corbett added in a research note.

(Editing by Mike Nesbit) Keywords: TULLOW/UGANDA