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23 Aug 2011 07:00
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23 August 2011
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Tower Resources PLC
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Operational Update
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Tower Resources ("Tower" or the "Company"), the AIM-listed oil and gas exploration company with assets in Uganda and offshore Namibia, is pleased to provide an operational update.
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In Uganda, the high resolution aero gravity gradiometry survey over the Company's Exploration Area 5 was completed in June 2010 and the interpreted data clearly indicated an area expected to be favourable for the generation of hydrocarbons. It also highlighted a clearly defined structural high in the vicinity of the newly defined hydrocarbon kitchen.
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This interpretation provided the basis for a focused 187 km 2D seismic programme, which was completed on 4 August 2011 and the final data is being processed and interpreted. Once interpretation is complete, this high quality data will enable the choice of a suitable well location within the next month. Proposals from rig contractors and other service providers are being finalised and it is envisaged that a well can be drilled in the fourth quarter of 2011.
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Offshore Namibia, in which the Company has a 15% carried interest in Licence 0010, the Company has been notified by Arcadia Expro Namibia, the operator and 85% interest holder, that it is continuing its farm-out process and is expecting farm in proposals shortly from a number of potentially interested international oil and gas companies ahead of drilling a well on the very large Delta structure. Tower Resources is working with its drilling consultants in order to ensure that the drilling programme remains on track to spud a well as early as possible in the first half of 2012, currently anticipated in Spring.
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Peter Kingston, Executive Chairman of Tower Resources, said:
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"With the recently acquired seismic data we should be in a position to spud a well in Uganda in the fourth quarter of this year. As Arcadia progresses its farm-out, the Tower Board continues to review the optimal route to maintain the Namibian project's schedule."
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For more information on Tower, please visit www.towerresources.co.uk.Β
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Contacts:
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Tower Resources PLC | |
Peter Kingston, Chairman Β | 07802 804852 Β |
Northland Capital Partners Limited (Nominated Adviser and Joint Broker) Gavin Burnell, Edward Hutton Charles Vaughan (Sales) | 020 7796 8800 Β Β |
Evolution Securities (Financial Adviser and Joint Broker) Garry Levin, Chris Sim, Anu Tayal Β | Β 0207 071 4300 |
M Communications | |
Patrick d'Ancona, Chris McMahon, Andrew Benbow | 020 7920 2358 |
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