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Tullow Oil eyes upgrade at Kingfisher-2 well

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Date: Wednesday 03 Sep 2008

LONDON (ShareCast) - Africa focused oil explorer Tullow Oil said an upgrade to potential oil reserves at its 50% owned Kingfisher-2 well in Uganda is likely.

An update on estimated volumes will be made following full evaluation of the test data, Tullow said in a company update.

The well, which is run and jointly owned by Heritage Oil, recently ran drilling tests. “Data from the DST-1 and DST-2 intervals indicate that the two lowermost sands are possibly in vertical communication and therefore could comprise the same reservoir.”

This, Tullow said, could potentially lead to higher oil volumes.

"Prior to the drilling of Kingfisher-2, the gross contingent resources of Kingfisher were independently evaluated by RPS Energy to have a most likely volume of 118m barrels," the group explained.

Last month Tullow reported impressive interim results, boosted by higher oil prices.

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