Tower Resources plc (the “Company” or “Tower” (TRP.L, TRP LN)), the AIM-listed Africa-focussed oil and gas exploration company, notes the announcement dated 17 November 2014 from the Operator, Taipan Resources Inc. ((“Taipan”) (TSX-V: TPN)), regarding the planned Badada-1 well onshore Kenya (Tower 15%, Premier Oil 55% and Taipan 30% working interests).
Taipan stated that its wholly-owned Kenya-based subsidiary, Lion Petroleum Inc. (“Lion”): “has received today formal notice from the High Court of Kenya of a temporary injunction preventing the Company from working on the Badada-1 well site in Block 2B, north east Kenya.
Adjoined to Lion in the lawsuit as co-respondents are the Kenyan Cabinet Secretary, Ministry of Petroleum, the Honorable Attorney General of Kenya, the Chairperson of the National Land Corporation and Premier Oil plc.
Based on legal advice received the Block 2B partners are confident that the injunction will be revoked such that the Company can progress to its projected spud of the Badada-1 well in early January 2015.”
Graeme Thomson (CEO)
Andrew Matharu (VP – Corporate Affairs)
+44 20 7253 6639
Peel Hunt LLP (Nominated Adviser and Joint Broker)
Richard Crichton/Charles Batten
+44 20 7418 8900
GMP Securities Europe LLP (Joint Broker)
Rob Collins/Liz Williamson
+44 20 7647 2800
Chris McMahon/Peter Reilly
+44 20 7016 9572
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