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.
- 2D seismic survey completed early 2008
- Two wells planned to be drilled in 2008
- Costs largely covered by farmout agreement
- 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]