Tower Resources plc ("Tower" or "the Company"), the AIM-listed oil and gas exploration and production company today announces its final results for the 18 months ended 31 December 2006.

Highlights:
Uganda
  • Encouraging results from gravity and magnetic data
  • 2D seismic shoot to commence in September 2007
  • Two wells anticipated early in 2008
Namibia
  • Very large structures identified from seismic
  • One structure coincident with strong gas indications
  • Farm out discussions underway

Commenting on the results, Peter Kingston, Executive Chairman of Tower said:

"The evaluation programmes under way since the beginning of 2006 have yielded very encouraging results in both Uganda and Namibia and the Board’s optimism about prospectivity in both Licences has steadily increased over the review period. The success achieved by other operators in Uganda has raised awareness of what promises to be an exciting new oil production province The year ahead will see significant tangible development."

Full press release [130KB]

Download Report