2 Feb 2012 07:00
2 February 2012
Tower Resources PLC
("Tower" or the "Company")
Operational Update
Tower Resources PLC ("Tower"), LN: TRP, the AIM listed company with exploration assets in offshore Namibia and Uganda, is pleased to provide an update on operational progress in Uganda, where the Mvule-1 well is now expected to spud within 6-9 days, i.e. between the 8th and 11th of February.
Tower's wholly owned subsidiary, Neptune Petroleum (Uganda) Limited, has begun mobilisation of the OGEC K900 drilling rig to the Mvule-1 site. Preparation of the site is near completion and rigging up is about to begin. The well is anticipated to reach a total drilled depth of about 600 metres within two weeks of spud. A further update will be released once the well has spudded. The well is evaluating estimated recoverable resource potential of 80 million bbls.
For more information on Tower, please visit www.towerresources.co.uk.
Contacts:
Tower Resources PLC | |
Peter Kingston, Chief Executive Officer
| 07802 804852
|
Northland Capital Partners Limited (Nominated Adviser and Joint Broker) Gavin Burnell, Edward Hutton
| 0207 796 8800
|
M Communications | |
Patrick d'Ancona, Chris McMahon, Andrew Benbow | 020 7920 2358 |
Tower Resources (TRP)