Tower says drilling outcome not determined yet

11th Jun 2009 15:22

Oil and gas explorer Tower Resources said the outcome of its drilling operations in its first exploration well in Uganda Licence EA5 cannot be determined yet.The group was forced to make a statement after it shares slid by more than 30%. Global Petroleum, which earns up to 50% interest from the licence, also reiterated the comments. Tower said the Iti-1 well reached total depth of 592 meters in basement. "Electric logging operations, including wireline formation pressure and fluid sampling are underway and the outcome of the well cannot be determined until the interpretation of this information has been completed," said Tower.