Tower Resources Regulatory News (TRP)

22 Mar 2007 09:53

Tower Resources PLC22 March 2007 Press Release22nd March 2007 Tower Resources Plc Tower Resources Agrees Changes to Licence Conditions for Uganda Block EA5 Tower Resources plc ("Tower" or "the Company"), the AIM - listed oil explorer,is pleased to announce that it has agreed a six month extension to the FirstExploration Period of its Ugandan licence and has also committed to drilling twofirm wells with one contingent well in the Second Exploration Period. The changes have been agreed with the Ugandan Government, and relate to theconditions attached to the First and Second Exploration Periods of the Company'sLicence Agreement in respect of Block EA5, located in western Uganda. The term of the First Exploration Period has been extended by six months, nowending on March 27th 2008. The well requirement for the Second ExplorationPeriod has increased to two firm wells and one contingent well which representan appropriate programme given the recent successes in other similar UgandaLicences. These changes will facilitate optimum management of the seismic programme andimplementation of an early exploration well. Shooting of a 250 km seismicprogramme is anticipated to begin in July 2007 and preparations have begun for atwo well exploration programme starting as early as possible in the first halfof 2008. Peter Kingston, Tower's Executive Chairman, stated that: "With the amendments to the licence terms, Tower can now initiate a sensibleprogramme of continuous operations culminating in two exploration wells, whichwill build on the success of Tullow and Heritage in clearly establishing thecommercial potential of the Rift Valley in West Uganda". For further information, please contact: Tower Resources plcPeter Kingston, Executive Director 01985 211780www.towerresources.co.uk Corporate SynergyOliver Cairns 020 7448 4400 Aquila Financial LimitedRoss Bethell 020 7202 2603www.aquila-financial.com This information is provided by RNS The company news service from the London Stock Exchange