Search Site


Acquisitions & Divestitures Summit

JacksonBone - Print and Web Design

Albany House - Business Centre in Berkshire

Geometric Drilling - UK Based onshore drilling contractor


Tower Resources reaches farm-out deal for Uganda prospect

22 December 2008

A two-well drilling programme at Tower Resources’ main Ugandan prospect could be underway by next March after the oil and gas explorer agreed a farm-out deal with AIM and Australia listed group, Global Petroleum.

Tower’s Neptune Petroleum (Uganda) operation has agreed a deal that will give Global a 50% interest in its Exploration Area 5 (EA5) acreage after funding two exploration commitment wells. The agreement is subject to the consent of the Ugandan government.

The plan would see Global pay up to $6.5 million on the first well, Iti-1, and more if it encounters hydrocarbons. A funding cap on the second well – expected to be Sambia-1 – has not been set.

Elsewhere, Tower has also signed a letter of intent ASCOM for the provision of a truck mounted land drilling rig, which should be available from February 2009. The company said it expected to have approval of the Environmental Impact Assessment in place by that time.

Oil groups Tullow and Heritage recently announced a successful and significant well, Buffalo-1, in EA1 some 80km from the Iti-1 location, the latest in an uninterrupted sequence of seven exploration discoveries in the Butiaba area of EA1 and EA2 north of Lake Albert. Tower believes that some of these shallow discoveries are analogous to the Iti and Sambia prospects.

Tower and Global have three directors in common, Mark Savage, Peter Blakey and Peter Taylor - the latter two have significant shareholdings in both companies and Mark Savage is Tower's largest single shareholder.






Headlines

11 March 2010

11 March 2010

11 March 2010

11 March 2010

11 March 2010

11 March 2010

11 March 2010

10 March 2010

10 March 2010

10 March 2010

10 March 2010

10 March 2010

10 March 2010

10 March 2010

10 March 2010

10 March 2010

09 March 2010

09 March 2010

09 March 2010

09 March 2010

09 March 2010

09 March 2010

09 March 2010

09 March 2010

09 March 2010

09 March 2010

09 March 2010

09 March 2010

09 March 2010

08 March 2010

08 March 2010

08 March 2010

08 March 2010

08 March 2010

08 March 2010

08 March 2010

08 March 2010

05 March 2010

05 March 2010

05 March 2010

05 March 2010

05 March 2010

05 March 2010

05 March 2010

05 March 2010

04 March 2010

04 March 2010

04 March 2010

04 March 2010

04 March 2010

» See all News

Round-Ups

05 March 2010

05 March 2010

28 February 2010

26 February 2010

26 February 2010

21 February 2010

19 February 2010

19 February 2010

14 February 2010

12 February 2010

12 February 2010

05 February 2010

29 January 2010

29 January 2010

22 January 2010

15 January 2010




Spreadex

© SmallCapNews   |   Contact Us   |   Terms of Use   |   RSS Feeds Site by LunarSafari