Business
Changes to Uganda Licence
Changes to Uganda Licence.
About this update from Tower Resources Plc
[{"type":"text","content":"\n Tower Resources PLC\n22 March 2007\n\nPress Release\n22nd March 2007\n\n Tower Resources Plc\n\n Tower Resources Agrees Changes to Licence Conditions for Uganda Block EA5\n\nTower Resources plc ('Tower' or 'the Company'), the AIM - listed oil explorer,\nis pleased to announce that it has agreed a six month extension to the First\nExploration Period of its Ugandan licence and has also committed to drilling two\nfirm wells with one contingent well in the Second Exploration Period.\n\nThe changes have been agreed with the Ugandan Government, and relate to the\nconditions attached to the First and Second Exploration Periods of the Company's\nLicence Agreement in respect of Block EA5, located in western Uganda.\n\nThe term of the First Exploration Period has been extended by six months, now\nending on March 27th 2008. The well requirement for the Second Exploration\nPeriod has increased to two firm wells and one contingent well which represent\nan appropriate programme given the recent successes in other similar Uganda\nLicences.\n\nThese changes will facilitate optimum management of the seismic programme and\nimplementation of an early exploration well. Shooting of a 250 km seismic\nprogramme is anticipated to begin in July 2007 and preparations have begun for a\ntwo well exploration programme starting as early as possible in the first half\nof 2008.\n\nPeter Kingston, Tower's Executive Chairman, stated that:\n\n'With the amendments to the licence terms, Tower can now initiate a sensible\nprogramme of continuous operations culminating in two exploration wells, which\nwill build on the success of Tullow and Heritage in clearly establishing the\ncommercial potential of the Rift Valley in West Uganda'.\n\nFor further information, please contact:\n\nTower Resources plc\nPeter Kingston, Executive Director 01985 211780\nwww.towerresources.co.uk\n\nCorporate Synergy\nOliver Cairns 020 7448 4400\n\nAquila Financial Limited\nRoss Bethell 020 7202 2603\nwww.aquila-financial.com\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2313,"tagName":"div"}]