Tower Resources (LON:TRP), the AIM listed oil and gas explorer with licences in Uganda and Namibia, said this morning that an gravity gradiometry survey over its acreage in Uganda was around 66% complete, having collected data over 5,586km during the course of 13 days towards its target area of 8,437km. In a statement ahead of its annual general meeting, Tower said the interpreted data should be available within two to three weeks of completion will be used to determine the proposed seismic programme on its EA5 licence.

In Namibia, the seismic vessel, “Geowave Master”, arrived on location on June 28 and is preparing to begin a 3D seismic acquisition programme. A Competent Person's Report, providing an independent assessment of the resources in Tower’s 0010 licence, should be finalised within the next week.

Last week, Tower has agreed a new deal with its partner Global Petroleum (LON:GBP) over how future drilling work in Uganda would be funded. Tower and Global have been working together on the licence since December 2008, when Tower gave Global the right to earn a 50% interest in the licence by funding two exploration wells. The wells that followed at Iti-1 and Avivi-1 were both unsuccessful, although Tower said the latest well information demonstrated that “considerable exploration potential still exists in the licence”. Also last week, the company said that a number of third parties were reviewing the data from the partially completed gravity gradiometry survey with a view to proposing funding of the future seismic programme and the commitment well.

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here