Tower Updates on African E&P Activities


Namibia
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In Uganda, Tower's wholly owned subsidiary, Neptune Petroleum (Uganda) Limited ("Neptune"), has completed the preparation of the Avivi-1 well site and drilling camp in Uganda Exploration Area 5 (EA5) and is awaiting the release of the land rig owned by Oil & Gas Exploration Company Cracow Limited (OGEC) which is currently contracted to Tullow Oil. The rig has finished drilling Tullow's successful well at Kasamene-2 but due to operational delays in the completion of the well, the rig is now expected to be released by Tullow on January 31 and will be moved to the Avivi-1 site for anticipated spudding on February 12. The Avivi-1 well site is 94 km north of Kasamene-2 but the road route for transporting the rig is 525 km.

In Namibia, the 1,600 square kilometer 3D seismic program across the Delta structure in License 0010, where Tower has a 15% carried working interest, is now expected to begin in the third week of March 2010. It is still anticipated that processing and interpretation will be complete by the end of 2010. Independent consultants, Oilfield International, are reviewing the Namibia project on behalf of Tower and, to date, have concluded that: "There is strong evidence that the AVO anomalies on the Maastrichtian Base Tertiary Delta structure (the "Delta Lead") are valid direct hydrocarbon indicators consistent with sands containing light hydrocarbons and strongly support the decision to acquire 3D seismic over this structure." This work, including an independent reserves review, is expected to be completed in the third quarter of 2010.

 

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