News

July 22, 2009

Tower Resources Attempts To Reassure Investors That There is Still A Lot to Play for in Uganda

It seems that some of the shareholders at Tower Resources are getting a bit restless. The London AIM listed company has just put out a statement which it describes as an “update” on activities in Uganda Licence EA5. There is, in truth, not a lot that is new to say about the disappointment of the Iti-1 exploration well just over a month ago. The update is more a attempt to calm and reassure punters that the game is not yet up for Tower in Uganda after just one well.

Uganda, for years having been considered barren and a lost cause for explorers  has become an exploration hotspot  following a number of large discoveries by Heritage Oil and Tullow Oil over the course of 2008 and 2009 in Blocks 1 and 2 onshore the north of Lake Albert. A recent discovery, the Giraffe-1, in the Buitaba region of Block1 appeared to link to the earlier Buffalo discovery. These finds have been described as world class.

Tower, which also has acreage in Namibia,...