Tower Resources plc (the “Company” or “Tower” (TRP.L, TRP LN)), the AIM-listed Africa-focussed oil and gas exploration company, notes the update announced today by the Operator, Taipan Resources Inc. (“Taipan”) (TSX-V: TPN)), regarding the lifting of the temporary injunction issued with respect to drilling activities on Block-2B, onshore Kenya (Tower 15%, Premier Oil 55% and Taipan 30% working interests).
On 25 November 2014, Taipan’s wholly-owned Kenya-based subsidiary, Lion Petroleum Inc. (“Lion”), attended the High Court in Nairobi seeking a variation to the conservatory order recently served on the Badada-1 well operations in Block-2B. Taipan has reported that Lion was successful in achieving a variation to the order allowing the Operator to continue work at the Badada-1 well-site.
Of note, the County Government of Wajir has now been enjoined on the petition alongside the existing co-respondents which include the Kenyan Cabinet Secretary, Ministry of Energy and Petroleum, the Honorable Attorney General of Kenya, the Chairperson of the National Land Corporation, Lion Petroleum Inc. and Premier Oil plc; all of whom oppose the petition.
At the hearing on 25 November 2014, the High Court also ruled that any related petitions against the co-respondents be consolidated and heard as a single petition before the High Court at the next hearing scheduled for 10 December 2014.
The Block-2B joint-venture partners remain confident that the claims will be rejected by the High Court at the next hearing and meanwhile work at the Badada-1 well-site has re-commenced and continues to progress towards a spud date 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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