Tower announced that its wholly-owned subsidiary, Neptune Petroleum (Uganda) Limited ("Neptune"), has signed a contract with the ASCOM S.A. Group ("ASCOM") to provide the MBU-125, a mobile land rig to drill Iti-1, Neptune's first commitment well in Uganda Licence EA5.
The Iti-1 well site and camp site are completed and all Government consents are in place. All drilling supplies will be on site shortly and agreements with the necessary service suppliers are close to finalisation in readiness for the rig's arrival. There do not appear to be any serious logistical impediments to transporting the rig to the Iti-1 site. The current best estimate is that the rig will arrive at the well site in early May to commence drilling by mid-month.
Peter Kingston, Chairman of Tower Resources plc commented, "The Tower Board is delighted that the first well in Uganda is now on a firm schedule and the results of more than three years of evaluation work will soon be tested with the drill bit. Results of drilling by other operators in late 2008 and early 2009 have highlighted the major potential of shallow prospects in the northern region of the Albertine Graben and I believe that EA5 has similar prospectivity."
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