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Tower Resources secures rig deal for Uganda drilling

08 April 2009

Oil and gas group Tower Resources is planning to start drilling its first commitment well in Uganda during May after agreeing a deal for a mobile drilling rig.

Tower’s Ugandan operation Neptune Petroleum has spent that last three years evaluating data over its acreage on Licence EA5 and planning the drilling of its first well – Iti-1. The well site and camp site are completed and all Government consents are in place.

With no serious logistical impediments to transporting the rig to the Iti-1 site, Tower said the current best estimate was that the rig would arrive at the well site in early May to commence drilling later in the month.

Tower’s chairman, Peter Kingston, commented: “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.”

Neptune secured the MBU-125drilling rig from ASCOM S.A. Group.

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Oil & Gas Exploration & Production

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