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18 Dec 2009 12:30
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18Β DecemberΒ 2009
UgandaΒ Update
Tower Resources plc ("Tower" or the "Company")
Drilling Rig contract signed
Target spud date of early February reaffirmed
Tower Resources plc (AIM:TRP), the oil and gas exploration company with interests in sub-Saharan Africa, principally in Uganda and Namibia, is pleased to announceΒ that its wholly owned subsidiary,Β Neptune PetroleumΒ (Uganda) LimitedΒ ("Neptune"),Β has signed aΒ contractΒ withΒ Oil & Gas Exploration Company Cracow Limited (OGEC)Β for aΒ landΒ rig toΒ drillΒ the Avivi-1Β exploration well in Exploration Area 5 ("EA5"), Uganda..Β DrillingΒ willΒ beginΒ afterΒ full EIA approvalΒ and consent to drillΒ has been received butΒ NeptuneΒ is confident that this can be achieved to meet a 1stΒ February 2010 spud date.
TheΒ OGECΒ IDECO IRI-750 rig, whichΒ is inΒ Uganda, has been engaged in a substantialΒ and effectiveΒ recent drilling programme in Licences EA1 and EA2Β which included 15 wells and all were mechanically successful.Β The crew, therefore,Β alsoΒ has considerable experience of drilling inΒ the Albertine Graben ofΒ Uganda.
The Avivi-1 wellΒ has a primary stratigraphic target interval belowΒ 702m and a secondary target interval which is immediately above expected basement at a depth ofΒ 833m. 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 alluvial sandstones similar to those encountered in the basal reservoir at Iti-1, but of improved quality.Β It is anticipated that the well will take about two weeks to drill to total depth.
Peter Kingston, Executive Chairman of Tower Resources,Β commented; "The Tower Board isΒ very pleased to have signed the rig contractΒ and to have received the agreement of the Government of Uganda to begin operational activities. We areΒ nowΒ moving ahead with well site preparations in anticipation of spudΒ on or about 1stΒ February 2010."
In accordance with AIM guidelines, Peter Kingston, who is a petroleum reservoir engineer with over 40 years experience in technical, executive and advisory roles in the oil exploration and production industry, and is Executive Chairman of the Company, is the qualified person that has reviewed and approved the technical information contained in this announcement.
Contacts:
|
Tower Resources plc |
www.towerresources.co.ukΒ |
|
Peter Kingston, Chairman |
07802 804852 |
|
AstaireΒ Securities (NOMAD and Broker) |
|
|
Lindsay Mair/Jerry Keen |
020 7448 4400 |
|
AquilaΒ Financial Limited (PR) |
www.aquila-financial.comΒ |
|
Peter Reilly |
0118 979 4100 |
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