Tower Resources Agrees to Ugandan License Extension
Tower Resources plc has agreed to a six-month extension to the First Exploration Period of its Ugandan license and has also committed to drilling two firm wells with one contingent well in the Second Exploration Period.
The changes have been agreed with the Ugandan Government, and relate to the conditions attached to the First and Second Exploration Periods of the Company's License Agreement in respect of Block EA5, located in western Uganda.
The term of the First Exploration Period has been extended by six months, now ending on March 27th 2008. The well requirement for the Second Exploration Period has increased to two firm wells and one contingent well that represent an appropriate program given the recent successes in other similar Uganda Licenses.
These changes will facilitate optimum management of the seismic program and implementation of an early exploration well. Shooting of a 250-km seismic program is anticipated to begin in July 2007 and preparations have begun for a two well exploration program starting as early as possible in the first half of 2008.
Peter Kingston, Tower's Executive Chairman, stated that:
"With the amendments to the license terms, Tower can now initiate a sensible
program of continuous operations culminating in two exploration wells, which
will build on the success of Tullow and Heritage in clearly establishing the
commercial potential of the Rift Valley in West Uganda."
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