Tullow Oil has reported an "excellent" new oil discovery at its exploration wells in Uganda.

After tests were carried out at the Kasamene-1 well, located within the Butiaba region of the country, it was confirmed that it holds the potential of in excess of 31 metres of net oil pay, alongside more than six metres of net gas pay.

Testing also confirmed the presence of dry gas and moveable oil reserves, with a statement from Tullow revealing that the quality of the new reservoir is "excellent".

It added: "Although no hydrocarbons were present in the basal sands at this location, it is considered that these could still be an important reservoir target for other prospects within Block 3A, that will be evaluated as part of the planned Lake Albert offshore drilling programme in 2009."

At present, Tullow Oil holds more licences within Africa than any other UK exploration firm, with the company having recently reported a "substantial rise" in profits for the first half of the year.

"We are obviously benefiting from the high oil prices and the revenues for the first half should be significantly ahead of this time last year," the company's chief financial officer Tom Hickey told Bloomberg.

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