Tullow Oil to become a major global player

TULLOW Oil stands on the cusp of a major breakthrough as a player of size within the global oil sector, analysts have said.

NCB Stockbrokers said they believed Uganda would deliver significantly for the group despite the lack of any proven reserves at this stage from the Uganda projects.

However, analyst Peter Hutton of NCB Stockbrokers pointed out that Tullow does not have the tests, let alone the proof, at this stage of the scale of discovery in Uganda. He said: “Their actions and behaviour are fully consistent with genuine and directed excitement. Uganda could indeed be a transformational discovery beyond the size of Tullow at its present scale.