Tower Resources provided an operational update.
In Uganda, the high resolution aero gravity gradiometry survey over the Company's Exploration Area 5 was completed in June 2010 and the interpreted data clearly indicated an area expected to be favorable for the generation of hydrocarbons. It also highlighted a clearly defined structural high in the vicinity of the newly defined hydrocarbon kitchen.
This interpretation provided the basis for a focused 187 km 2D seismic program, which was completed on August 4, 2011 and the final data is being processed and interpreted. Once interpretation is complete, this high quality data will enable the choice of a suitable well location within the next month. Proposals from rig contractors and other service providers are being finalized and it is envisaged that a well can be drilled in the fourth quarter of 2011.
Offshore Namibia, in which the Company has a 15% carried interest in License 0010, the Company has been notified by Arcadia Expro Namibia, the operator and 85% interest holder, that it is continuing its farm-out process and is expecting farm in proposals shortly from a number of potentially interested international oil and gas companies ahead of drilling a well on the very large Delta structure. Tower Resources is working with its drilling consultants in order to ensure that the drilling program remains on track to spud a well as early as possible in the first half of 2012, currently anticipated in Spring.
Peter Kingston, Executive Chairman of Tower Resources, said, "With the recently acquired seismic data we should be in a position to spud a well in Uganda in the fourth quarter of this year. As Arcadia progresses its farm-out, the Tower Board continues to review the optimal route to maintain the Namibian project's schedule."
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