Operational Update

RNS Number : 6505W

Tower Resources PLC

02 February 2012

 



2 February 2012

Tower Resources PLC

("Tower" or the "Company")

Operational Update

Tower Resources PLC ("Tower"), LN: TRP, the AIM listed company with exploration assets in offshore Namibia and Uganda, is pleased to provide an update on operational progress in Uganda, where the Mvule-1 well is now expected to spud within 6-9 days, i.e. between the 8^th and 11^th of February.

Tower's wholly owned subsidiary, Neptune Petroleum (Uganda) Limited, has begun mobilisation of the OGEC K900 drilling rig to the Mvule-1 site. Preparation of the site is near completion and rigging up is about to begin.  The well is anticipated to reach a total drilled depth of about 600 metres within two weeks of spud. A further update will be released once the well has spudded. The well is evaluating estimated recoverable resource potential of 80 million bbls.

For more information on Tower, please visit www.towerresources.co.uk. 

Contacts:

Tower Resources PLC
Peter Kingston, Chief Executive Officer	07802 804852
Northland Capital Partners Limited (Nominated Adviser and Joint Broker) Gavin Burnell,  Edward Hutton	0207 796 8800
M Communications
Patrick d'Ancona, Chris McMahon, Andrew Benbow	020 7920 2358

 

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