A new oil find in Uganda by Tullow Oil has "the potential to be the largest oil field in the basin to date", according to the company.

TULLOW Oil should be in a position to better gauge the long-term potential for a third large oil discovery in western Africa when it receives test results in the next fortnight.

Tullow Oil has today issued an upbeat operational update in respect of its activities in Uganda and Ghana.

In a statement released this morning, Tullow Oil have reported mixed news from its operations in Africa.