Broker snap: Uganda prospects boost Tullow

19th May 2009 09:58

A spectacular run of success with its drilling operations in Ghana and Uganda has helped the share price of Tullow almost double this year, but UBS thinks there is more to come.The Swiss bank has upped its price target for the Irish oil company to 1015p from 900p.Tullow said earlier this month that the outlook for the rest of 2009 was very positive, with the group making excellent progress on all fronts.Meanwhile Heritage Oil, its partner on many of the Ugandan discoveries, said today that the rest of 2009 should be ‘very exciting’ with the drilling programme, including the shared assets with Tullow, likely to unleash further potential.