Shares in Tullow Oil rose today after the exploration firm said it struck oil at a new well in Uganda.
The company said its Ngara-1 exploration well in the African state’s Butiaba region found more than 8 meters of net oil pay.
Shares in the company rose 0.5 per cent in trading earlier this morning.
Tullow’s exploration director Angus McCoss said: “Ngara-1 is the tenth discovery in the Victoria Nile Delta play marks the end of a very successful opening phase of the Tullow-operated exploration campaign in the Butiaba region.”