Tower Resources trying to stay on schedule

23rd Aug 2011 10:51

Tower Resources, the Africa-focused oil exploration company, says it is one month away from deciding on a suitable well location for its Uganda concession. This follows a 2D seismic survey which finished on the 4th of August.Proposals from rig contractors and other service providers are being finalised and the firm says a well can be drilled in the fourth quarter of 2011. Its offshore interest in Namibia however seems to be going less smoothly with the majority owner of the site, Arcadia Expro Namibia, still involved in the farming-out phase.Tower Resources says it is working to ensure that the drilling programme remains on track to spud a well as early as possible in the first half of 2012, although it seems it won't be that early, with Spring the immediate target.Peter Kingston, executive chairman of Tower Resources, said: "With the recently acquired seismic data we should be in a position to spud a well in Uganda in the fourth quarter of this year. As Arcadia progresses its farm-out, the Tower Board continues to review the optimal route to maintain the Namibian project's schedule."Shares in Tower were down over 4% following today's update.BS