Point on Africa

The for rush for African oil continues to intensify albeit quietly. 3 companies with prospects in the yet to be commercially drilled oil wells in Uganda, have just conluded trade deals, which now pend approval.

In the new deal, Tullow Oil will buy 50% of Heritage Oils assets in Uganda and make way for its exit from Uganda's oil. Each of the two holds a 50% stake in two oil fields. This leaves UK's Tullow as the sole foreign oil group in the pearl of Africa.

The good news is that Africa has oil and many more wells to be officially declared wells. [The present rush in Kenya by Western and Chinese oil companies is not about prospecting for oil, but indeed oil well have been discovered, I strongly believe so. The rush is about "strategic pre-commercial positioning]

With arable land and good rainfall, nothing should stop Uganda from living it's dream.