Business
Uganda Rig Contract
Uganda Rig Contract.
About this update from Tower Resources Plc
[{"type":"text","content":"\n RNS Number : 3163Q Tower Resources PLC 08 April 2009 \n \n\n\n\nPRESS RELEASE\n\n8 April 2009\n\nTower Resources completes a rig contract with ASCOM for Uganda Drilling\n\nTower Resources plc ('Tower') (AIM:TRP) is pleased to announce that its wholly-owned subsidiary, Neptune Petroleum (Uganda) Limited ('Neptune'), has signed a contract with the ASCOM S.A. Group ('ASCOM') to provide the MBU-125, a mobile land rig to drill Iti-1, Neptune's first commitment well in Uganda Licence EA5. \n\nThe Iti-1 well site and camp site are completed and all Government consents are in place. All drilling supplies will be on site shortly and agreements with the necessary service suppliers are close to finalisation in readiness for the rig's arrival. There do not appear to be any serious logistical impediments to transporting the rig to the Iti-1 site. The current best estimate is that the rig will arrive at the well site in early May to commence drilling by mid-month.\n\nPeter Kingston, Chairman of Tower Resources plc commented:\n\n'The Tower Board is delighted that the first well in Uganda is now on a firm schedule and the results of more than three years of evaluation work will soon be tested with the drill bit. Results of drilling by other operators in late 2008 and early 2009 have highlighted the major potential of shallow prospects in the northern region of the Albertine Graben and I believe that EA5 has similar prospectivity.' \n\n\nContacts:\n\n\n\n\n\nTower Resources plc \n\n\nwww.towerresources.co.uk \n\n\n\n\nPeter Kingston, Chairman\n\n\n07802 804852\n\n\n\n\n \n\n\n \n\n\n\n\nBlue Oar Securities (NOMAD and Boker)\n\n\n \n\n\n\n\nRomil Patel/Andrew Raca\n\n\n020 7448 4400\n\n\n\n\n \n\n\n \n\n\n\n\nAquila Financial Limited (PR)\n\n\nwww.aquila-financial.com \n\n\n\n\nPeter Reilly\n\n\n0118 979 4100\n\n\n\n\n\n\n \nNotes for Editors\n\nThe Casco MBU-125 rig is a mobile truck mounted rig which was built in 2007 and it has just completed its first well in Southern Sudan to a depth of 2,847m. The rig was fully inspected by Aberdeen Drilling Consultants on behalf of Neptune during drilling operations of this well and no critical issues were identified during the&nbs...