Tower Resources plc (‘Tower’ or ‘the Company’), the AIM-listed oil and gas exploration and production company today announces its final results for the 12 months ended 31 December 2007.

Highlights:
Uganda
  • 2D seismic survey completed early 2008
  • Two wells planned to be drilled in 2008
  • Costs largely covered by farmout agreement
Namibia
  • 2D seismic survey completed
  • Giant structures identified as viable exploration targets
  • First exploration well may now be drilled in 2009
  • Costs covered by farmout agreement

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

“Year 2007 saw progress with seismic surveys in Uganda and Namibia and Tower Resources is now entering an exciting 1-2 year period during which the potential of its current two Licences in Namibia and Uganda will be tested by wells. The potential of each licence is such that a successful exploration well in either would be classed as a “company maker”.

The Board is also hoping to add a limited number of new ventures during the course of 2008.”

Full press release [86KB]