Last checked at 23 Aug 2011 07:00
23 August 2011
Tower Resources PLC
Operational Update
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.
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.
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.
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.
Peter Kingston, Executive Chairman of Tower Resources, said:
"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."
For more information on Tower, please visit www.towerresources.co.uk.
Contacts:
Tower Resources PLC | |
Peter Kingston, Chairman
| 07802 804852
|
Northland Capital Partners Limited (Nominated Adviser and Joint Broker) Gavin Burnell, Edward Hutton Charles Vaughan (Sales) | 020 7796 8800
|
Evolution Securities (Financial Adviser and Joint Broker) Garry Levin, Chris Sim, Anu Tayal
|
0207 071 4300 |
M Communications | |
Patrick d'Ancona, Chris McMahon, Andrew Benbow | 020 7920 2358 |