Tower Resources increases institutional fundraising
15 January 2009
Tower Resources has upped its fundraising from £360,000 to £500,000, following increased institutional interest in its upcoming two well drilling programme in Block EA5 Uganda. The first well is anticipated to spud in March this year.
The proceeds will be used to continue funding the preparation for the second exploration well in Uganda.
Peter Kingston, Executive Chairman of Tower Resources, said:
'The continued good drilling results from Tullow Oil and Heritage Oil in Uganda have raised awareness of our upcoming drilling programme in Block EA5, Uganda, and we are pleased to have received further support for an increased fundraising, especially in the current market.'
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