Tower Resources ("Tower" or the "Company"), the AIM listed oil and gas exploration company, has today announced substantial progress with its operations in Uganda and Namibia during 2007 with significant milestones being achieved since mid-year.
- Seismic Operations have begun
- Orca Exploration Inc. to fund most of the licence commitments over two years
- Two exploration wells anticipated in 2008
- Other exploration operators enjoying continuing success in the region
- 700 km 2-D seismic survey completed early and data quality very high
- 3-D Seismic survey in planning for 2008
- Farm-out agreement with Arcadia Petroleum Limited
- The Company had a period end cash balance of £2,136,382 after capital expenditure of £479,568 and reported a loss for the six months to 30 June 2007 of £252,388. In addition, the Company expects to receive $1.7 million in back costs as part of the farm-out arrangements.
Tower Resources’ Executive Chairman, Peter Kingston, said:
"The Boards optimism about potential achievements in both the Uganda and Namibia Licences has continued to grow during 2007 and this is now shared by two very strong partners.
‘The next 18 months will be very exciting; In Uganda, a 2-D seismic survey and two exploration wells should be completed by the end of 2008, whilst in Namibia, a programme of 3-D seismic surveys will hopefully be completed by the end of 2008.
‘ With both existing Licences largely funded, the Board will now give greater priority to adding additional licence interests, probably in Africa, to its portfolio"
Full press release [143KB]