Global Farms-In to Neptune's Exploration Area 5 in Uganda
Global Petroleum and Tower Resources have announce that consent of the Minister of Energy and Mineral Development of the Government of the Republic of Uganda has been received in relation to its Farm-In Agreement with Neptune Petroleum (Uganda) Limited ("Neptune"), a wholly-owned subsidiary of Tower Resources plc ("Tower"), an AIM listed oil and gas exploration company, to earn a 50% interest in Neptune's Exploration Area 5 ("EA5").
Global has the right to earn a 50% interest in EA5, northwestern Uganda, by meeting the cost of two exploration commitment wells.
Under the terms of the Farm-In Agreement, Global will earn a 50% interest in the EA5 Licence and Production Sharing Agreement by funding the cost of drilling Iti-1 (subject to a cap), the first well of a two well program, and a second well at their discretion, currently expected to be Sambia-1, when the results of Iti-1 have been interpreted.
The Ministerial Consent allows Tower and Global to finalise the contractual and logistical negotiations for a drilling rig to begin drilling operations within the next two months. The first well is expected to be completed within two weeks of commencement of drilling.
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