Business
Operational Update & Placing
Operational Update & Placing.
About this update from Tower Resources Plc
[{"type":"text","content":"\n Tower Resources PLC\n08 February 2007\n\nPRESS RELEASE\n8 February 2007\n\n Update on Company Activities and Placing\n\n• Uganda\n o 2D Seismic survey to commence in July with a view to drilling in 2008\n o Other Operators reporting exploration success\n\n• Namibia\n o Reprocessed data highlighted potential for commercial gas reserves\n o 2D Seismic survey in planning for late 2007\n\n• Placing\n o £500,000 raised in Placing of New Ordinary Shares\n\nTower Resources plc ('Tower' or 'the Company') (AIM: TRP), the independent oil\nand gas exploration company with exploration licences in Uganda and Namibia is\npleased to report that good progress has been made with operational planning in\nUganda and detailed technical evaluation work for Namibia. These assets were\nacquired by Tower in a merger with Neptune Petroleum Limited approved by\nshareholders on 16 January, 2006.\n\n\nUganda\n\nIn Uganda, a Land Satellite Imaging survey and a geological field survey are\ncurrently underway to investigate the presence or otherwise of surface oil\nseeps. The presence of seeps would confirm that oil has been generated under\nBlock 5; however the lack of seeps would not significantly reduce the\nprospectivity of the Licence. A contract has been signed with IMC Geophysical\nInternational Limited under which they will acquire 250 kilometres of seismic\ndata. This operation is estimated to begin in July. The intention is to complete\nthe interpretation of this data and to begin drilling a well early in 2008,\nplanning for which will begin soon.\n\nOther operators in Licences to the south of Block 5 have continued to have\nsuccess. Tullow, now 100% owner of Block 2, has confirmed two discoveries and\nHeritage, Block 3A, has encountered productive oil reservoirs at two depth\nlevels in Kingfisher-1. The latter well is still drilling to evaluate a large\nstructure in the deeper area of their basin. Tullow, northern Block 2, and\nHeritage, Block 1, both have plans to extend their seismic coverage towards the\nsouthern boundary of Block 5. Tullow have announced plans for a significant\nexploration and appraisal well programme in Block 2, including wells in the\nnorth of the Licence. These programmes, when added to Tower's own activities,\nwill amount to a significant assessment of the potential of the Albertine\nGraben. This will increase th...