Tower Resources plc is pleased to advise that Neptune Petroleum (Uganda) Limited ("Neptune"), Tower’s wholly-owned subsidiary, has received the formal grant for the renewal of the Licence for their Exploration Area 5 (EA5), situated at the northern end of the Albertine Graben in north western Uganda, from the Minister of Energy and Mineral Development of the Government of Uganda. The Licence area, after relinquishment agreed with the Government, amounts to 2941 square kilometres and a map will shortly be shown on the Tower Resources’ website.
Exploration will now continue for another two years, until March 27, 2012. The forward programme is under discussion with the Government, but the first year of activities is expected to be focused on geophysical operations to determine prospects for drilling early in the second year.
Tower Resources plc
Astaire Securities (NOMAD and Joint Broker)
020 7448 4400
Jerry Keen (Broking)
Gavin Burnell / Shane Gallwey (NOMAD)
Westhouse Securities (Joint Broker)
020 7601 6100
020 7933 8780
Paul McManus / Leah Kramer