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.
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