Last checked at 9 Nov 2009 07:00
Press Release
9th November 2009
Tower Resources plc ("Tower" or "the Company")
Tower Resources Confirms EA5 Exploration Well Avivi-1 location
Tower Resources (AIM:TRP) is pleased to provide an update in respect of its Uganda operations.
The second exploration well location in EA5 has been agreed with the Government of Uganda
Planning is underway to begin drilling by 1st February 2010
Global Petroleum will maintain their interest in the EA5 programme by funding 25% of the well cost
Neptune Petroleum (Uganda) Limited ("Neptune") the wholly-owned subsidiary of Tower Resources plc has agreed with the Government of Uganda the location for the second exploration well in Uganda Licence EA5. The well, which is named Avivi-1, is to be located 3km northwest of Rhino Camp town.
The well has a primary stratigraphic target interval below 665m and a secondary target interval which is immediately above expected basement at a depth of 795m. The higher interval is targeted to encounter high quality fluvial sandstones, similar to those found in the successful wells in Licence EA1, adjacent to EA5, but which were absent in Tower's first exploration well, Iti-1. The deeper prospective interval may have productive alluvial sandstones similar to those encountered in the basal reservoir at Iti-1. Information from the Iti-1 well, sedimentological studies and detailed re-evaluation of seismic data points to the area east of Iti-1, within the hinterland of the existing River Nile, as being most likely to contain a thick sequence of sediments with good quality reservoir development.
Enquiries are now well advanced to acquire a drilling rig to drill Avivi-1 with a planned spud date by 1st February 2010. Activities have begun to prepare an Environmental Impact Assessment for approval by the Ugandan Government.
Tower is also pleased to advise its shareholders that Global Petroleum, which funded most of the cost of Iti-1, has decided to maintain its option to earn a 25% Licence Interest by funding 25% of the cost of Avivi-1. The funding of the well is fully secured and it is not presently intended to introduce additional partners.
Tower's Chairman, Peter Kingston, commenting on the developments, said:
"The results of the Iti-1 well and subsequent evaluation work have greatly improved our understanding of the EA5 basin. Avivi-1 is well placed to have good quality reservoirs and proximity to the most likely source and migration paths. I am also very pleased that Global Petroleum is maintaining their interest by participating in the well."
Contact:
| Tower Resources | www.towerresources.co.uk |
| Peter Kingston, Chairman | 07802 804852 |
| Astaire Securities, Broker and NOMAD | |
| Lindsay Mair; Jerry Keen | 020 7448 4400 |
| Aquila Financial Limited, (PR) | |
| Peter Reilly | 0118 979 4100 |
Notes to Editors
Tower Resources Plc is an AIM-listed, independent oil and gas exploration company based in London.
The company is focused on sub-Saharan Africa, holding exploration licences in Namibia and Uganda through its two operating subsidiaries Neptune Petroleum (Namibia) Ltd and Neptune Petroleum (Uganda) Ltd.
The company's assets include; blocks 1910A, 1911 and 2011A offshore Namibia and onshore block 5 in Northern Uganda.
Tower also has through its 100% ownership of Comet Petroleum a 50% interest in two exploration licences (Guelta and Bojador) in the Saharawi Arab Democratic Republic.