Neptune Inks Rig Contract for Feb. 1 Spud in EA5, Uganda
Tower Resources announced that its wholly owned subsidiary, Neptune Petroleum (Uganda) Limited ("Neptune"), has signed a contract with Oil & Gas Exploration Company Cracow Limited (OGEC) for a land rig to drill the Avivi-1 exploration well in Exploration Area 5 ("EA5"), Uganda. Drilling will begin after full EIA approval and consent to drill has been received but Neptune is confident that this can be achieved to meet a February 1, 2010 spud date.
The OGEC IDECO IRI-750 rig, which is in Uganda, has been engaged in a substantial and effective recent drilling program in Licenses EA1 and EA2 which included 15 wells and all were mechanically successful. The crew, therefore, also has considerable experience of drilling in the Albertine Graben of Uganda.
The Avivi-1 well has a primary stratigraphic target interval below 702m and a secondary target interval which is immediately above expected basement at a depth of 833m. The higher interval is targeted to encounter high quality fluvial sandstones, similar to those found in the successful wells in License EA1, adjacent to EA5, but which were absent in Tower's first exploration well, Iti-1. The deeper prospective interval may have alluvial sandstones similar to those encountered in the basal reservoir at Iti-1, but of improved quality. It is anticipated that the well will take about two weeks to drill to total depth.
Peter Kingston, Executive Chairman of Tower Resources, commented, "The Tower Board is very pleased to have signed the rig contract and to have received the agreement of the Government of Uganda to begin operational activities. We are now moving ahead with well site preparations in anticipation of spud on or about February 1, 2010."
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Company: Neptune Petroleum Limited more info
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