Tower Resources PLC
22 March 2007
Press Release
22nd March 2007
Tower Resources Plc
Tower Resources Agrees Changes to Licence Conditions for Uganda Block EA5
Tower Resources plc ('Tower' or 'the Company'), the AIM - listed oil explorer,
is pleased to announce that it has agreed a six month extension to the First
Exploration Period of its Ugandan licence and has also committed to drilling two
firm wells with one contingent well in the Second Exploration Period.
The changes have been agreed with the Ugandan Government, and relate to the
conditions attached to the First and Second Exploration Periods of the Company's
Licence Agreement in respect of Block EA5, located in western Uganda.
The term of the First Exploration Period has been extended by six months, now
ending on March 27th 2008. The well requirement for the Second Exploration
Period has increased to two firm wells and one contingent well which represent
an appropriate programme given the recent successes in other similar Uganda
Licences.
These changes will facilitate optimum management of the seismic programme and
implementation of an early exploration well. Shooting of a 250 km seismic
programme is anticipated to begin in July 2007 and preparations have begun for a
two well exploration programme starting as early as possible in the first half
of 2008.
Peter Kingston, Tower's Executive Chairman, stated that:
'With the amendments to the licence terms, Tower can now initiate a sensible
programme of continuous operations culminating in two exploration wells, which
will build on the success of Tullow and Heritage in clearly establishing the
commercial potential of the Rift Valley in West Uganda'.
For further information, please contact:
Tower Resources plc
Peter Kingston, Executive Director 01985 211780
www.towerresources.co.uk
Corporate Synergy
Oliver Cairns 020 7448 4400
Aquila Financial Limited
Ross Bethell 020 7202 2603
www.aquila-financial.com
This information is provided by RNS
The company news service from the London Stock Exchange