Tower Resources (LON:TRP), the oil and gas exploration group active in Uganda and Namibia, this morning reported that it had finished a 3D seismic survey in Namibia and that “excellent” quality data was on course to be processed and interpreted by early 2011. Elsewhere, processing of data gathered during an aero gravity gradiometry survey in Uganda, which completed in mid June 2010, is near completion and a final interpretation is expected around the end of September when planning for a subsequent seismic survey can then be finalised. The news was enough to lift the company’s shares by 4.7% to 3.35p in early trading.

Peter Kingston, the chairman of Tower Resources, said: “This update confirms that current operations are on schedule and that the quality of information being obtained is likely to enhance interpretation of both the Namibia and Uganda Licences.”

In July, Tower reported the conclusions of an independent technical report which looked at historic seismic and well data of the acreage in Namibia to calculate net risked potential resources of 170 million barrels of oil equivalent with an expected monetary value of US$696m. The previous month the company 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 EA5 licence in Uganda since December 2008, when Tower gave Global the right to earn a 50% interest 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”.

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