Tower Resources plc (‘Tower’ or ‘the Company’), the AIM-listed oil and gas exploration and production company, today announces its final results for the year ended 31 December 2008.

  • Seismic and geochemical survey results confirm prospectivity
  • Probable recent oil generation and migration independently predicted
  • Drilling rig en route for May drilling Costs largely covered by new farmout agreement
  • Updated 2D seismic interpretation confirms huge potential over all prospects
  • Giant structures now require 3D seismic survey to select well locations

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

“Since early 2008, the interpretations of seismic data in Uganda and Namibia and geochemical surveys in Uganda have significantly increased confidence in the prospectivity of both Licences. The positive oil seep survey results in Uganda EA5 together with the outstanding well results in the adjacent Licence have highlighted the potential for large discoveries. The imminent Ugandan well could have huge implications for the future of the Company. Progress towards drilling a first well in Namibia may be later but the scale of reserve potential confirmed by evaluation work during 2008 has further increased the high expectations of the Tower Board.”

Full press release [94KB]