Kenya Drilling Update

RNS Number : 2668X

Tower Resources PLC

18 November 2014

 



Tower Resources plc

Kenya Drilling Update

18 November 2014

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."

Contacts

Tower Resources

Graeme Thomson (CEO)
Andrew Matharu (VP - Corporate Affairs)
[phone]

Peel Hunt LLP (Nominated Adviser and Joint Broker)

Richard Crichton/Charles Batten
[phone]

GMP Securities Europe LLP (Joint Broker)

Rob Collins/Liz Williamson
[phone]

Vigo Communications

Chris McMahon/ Peter Reilly
[phone]

 

END

 

 

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