Tower Resources Says Ugandan 2D Survey Underway
Tower Resources has commenced a 300 kilometer 2-D seismic exploration program in Exploration Area 5 ("EA 5") in Uganda.
The seismic will be shot by IMC Geophysics International Limited over a sedimentary sequence with prospective structures in the Albertine Graben system that was identified by a regional gravity survey. The data is expected to be processed and interpreted by the end of Q1 2008.
The seismic is being shot under the terms of an agreement between Tower and Orca Exploration announced on 28 August 2007. On receipt of the fully interpreted seismic, Orca Exploration has the right to acquire a 50% working license interest in EA 5 in return for funding 83.33% of two exploration wells.
Peter Kingston, Tower Resources' Executive Chairman, commented:
"Uganda has seen successful exploration activity in the Exploration Areas to the south of EA5 and I am delighted that we are now physically collecting seismic data over our Exploration Area. In anticipation of positive results, together with Orca Exploration, we have commenced the search for a suitable rig to drill two exploration wells during 2008."
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