uganda update

Mputa-2 is confirmed as a third oil discovery and cased for future production!!!! That's excellent. The three wells do not seem to be one accumulation but the presence of oil in the basal sands of all 3 wells implies an extensive startigraphic trapping mechanism. That's good. There are oil bearing zones of 5m within the lower reservoir .. but SP has not given us a net:gross or an oil column height .. hmmm.

Overall it looks good with more exploration and testing planned. Flow testin g will be the key and reserve estimates await these results.

H