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Tullow Oil closes in on large deposit in Uganda

By William MacNamara

Published: October 22 2008 03:37 | Last updated: October 22 2008 03:37

Tullow Oil moved a step closer to realising a large oil deposit in Uganda that analysts say could, together with similar discoveries in Ghana, transform the company over the next decade.

Heritage Oil, Tullow’s joint-venture partner in drilling two blocks around Uganda’s Lake Albert, discovered oil and gas at the first of several drilling sites at Block 1, making it more likely the other sites will also yield.

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