News

February 25, 2010

It Turns Out Not To Be Second Time Lucky For Tower Resources In Uganda As Its Avivi-1 Well Disappoints

We recently asked whether it would be second time lucky for Tower Resources with its new well in Uganda. It look like it has not been. The company has announced that Avivi-1 has reached its total depth at 764 metres without experiencing oil shows – basement was penetrated at 742 metres. Electric logging operations are underway and a full statement will be released once these have been completed.

The AIM-listed minnow is exploring on Block EA5 some 80 km to the north of Blocks 1 and 2 where Tullow Oil and Heritage Oil have made world class discoveries. The 6000 sq km block lies at the northern end of the Albertine Graben. Targets are shallow but, according to Tower, seismic has identified some geological similarities between Tower’s Block 5 prospects and some of the shallower Tullow and Heritage discoveries.

Tower’s first well on the acreage, Iti-1, however, failed to prove the...