07 December 2007
Tower Resources Plc (the 'Company'): Uganda – Seismic Operations commence
Tower Resources plc is pleased to announce the commencement of an approximately 300 kilometer 2-D seismic exploration programme in Exploration Area 5 ("EA 5") in Uganda.
The seismic will be shot by IMC Geophysics International Limited over a sedimentary sequence with prospective structures in the Albertine Graben system that was identified by a regional gravity survey. The data is expected to be processed and interpreted by the end of Q1 2008.
The seismic is being shot under the terms of an agreement between Tower and Orca Exploration announced on 28 August 2007. On receipt of the fully interpreted seismic, Orca Exploration has the right to acquire a 50% working licence interest in EA 5 in return for funding 83.33% of two exploration wells.
Peter Kingston, Tower Resources' Executive Chairman, commented:
"Uganda has seen successful exploration activity in the Exploration Areas to the south of EA5 and I am delighted that we are now physically collecting seismic data over our Exploration Area. In anticipation of positive results, together with Orca Exploration, we have commenced the search for a suitable rig to drill two exploration wells during 2008."
For further information, please contact:
Tower Resources plc
www.towerresources.co.uk
Peter Kingston, Chairman 07802 804852
Blue Oar Securities
Rhodri Cruwys 020 7448 4400
Aquila Financial Limited
www.aquila-financial.com
Peter Reilly 020 7202 2600
Yvonne Fraser
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. Download press release
[PDF, 20KB]
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