News

June 09, 2009

Tower Resources Spuds Its First Exploration Well On Its Highly Prospective Uganda Acreage

Tower Resources is a small company with large ambitions. It is a pure African exploration play. In the last three years, following its listing on London’s AIM in August 2005, Tower has assembled a high impact portfolio.

Notably, there is acreage in Namibia, where the company retains a 15 per cent interest in three blocks along the Walvis Ridge. It is free carried through exploration by Arcadia Petroleum, a well capitalised commodity trading company. The total unrisked prospective resources from three leads equate to 9.2 billion barrels. With seismic expected to be completed by mid 2009 the company anticipates a first exploration well to be spudded by earliest Q2 2010.

So this is for later as are...