Tower updates African activities

Tower Resources plc provides the following update on its exploration activities in Namibia and Uganda.

In Namibia seismic interpretation has confirmed the presence of giant structures which could contain 10 billion barrels, unrisked, from three prospects. In Uganda processing and interpretation of seismic is continuing and a well is being planned before the end of 2008.

Processing and interpretation of the Uganda seismic is continuing and should be complete by the end of May. Current conclusions point to primary targets within sediments up to 1500 metres thick which are broadly analogous to the shallow potential currently the subject of intense exploration in northern Block 2 and Block 1 immediately to the south of Tower’s Block 5.

It has been announced this week that Tullow Oil has discovered oil and gas in its Taitai-1 well near Butiaba. Planning and preparations are geared to Tower drilling its first well in Block 5 before the end of 2008. A more detailed update will be provided once remaining interpretation work is completed. The reference presentation provides new information about the seismic interpretation work to date.

Source : http://www.towerresources.co.uk/