Tullow Oil Plc (TLW), the U.K. explorer with the most licenses in Africa, said it spent more than $1 billion searching for commercially viable deposits of crude in Uganda.
The funds were spent on exploration, seismic studies and drilling, the London-based company said in a statement published today in New Vision, a Kampala-based newspaper. The company has discovered 1 billion barrels of oil in Uganda, it said.
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