Tower Resources sees Uganda drilling before year end
Friday, August 01, 2008
Tower Resources has announced that in Uganda, Block EA5, the programme of seismic interpretation and geochemical sampling has been completed and, on the basis of the subsequent interpretation, two well locations, one to be drilled to about 1000 metres and the second to about 500 metres, have been selected.
The wells will be drilled as soon as possible after November, subject to rig availability.
Independent laboratory analyses of the geochemical sampling have confirmed the presence of natural hydrocarbons and the existence of an active oil source and migration system within the Block.
Orca Exploration has decided to withdraw from the venture which Tower has put down to a different appetite for risk. Tower added that it has made significant progress in achieving alternative funding and discussions are well advanced with a well funded oil and gas exploration company to meet the cost of 50% of the well commitments.
Tower's Chairman Peter Kingston commented:
'I am disappointed that Orca is not continuing as Tower's partner in future exploration on Uganda EA5 but I am confident that alternative funding from Industry sources can be put in place in good time.
I am delighted, however, that the latest geochemical survey results have confirmed an active oil source and migration system within the Licence - this was always the greatest area of uncertainty with respect to exploration prospectivity in the Licence. The Tower Board is now looking forward to the start of drilling before the end of the year.'
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