News

January 14, 2009

Tower Resources Gears Up For Uganda Drilling Campaign

This could be a landmark year for AIM-quoted Tower Resources, which is set to test its Ugandan acreage with the drill bit in the next few months. The group, this week, raised additional financing through a share placement to pursue its upstream plans.

A few years ago this may not have been overly exciting, with Uganda largely dismissed as something of an oil backwater, which, at the time, it probably was. That all changed when oil was discovered by Tullow Oil and its partners, a discovery that has been followed up by a succession of finds throughout 2008.

And 2009. Tullow and partner Heritage Oil only this week announced yet another discovery well, Giraffe-1, in the Butiaba region of Block 1, which appears linked to the earlier...