agree dictonary, I guess people like to follow th pump instead...

agree dictonary, I guess people like to follow th pump instead of the facts and figures.

Check out the latest article.

Tower Resources back on track in Uganda

Fiona Bond
15.02.10 11:41

Tower Resources (TRP) was finally back on track with its Uganda drilling programme on Monday, after rig delays rendered the project two weeks behind schedule.


The AIM-listed group spudded the Avivi-1 exploration well on 13 February - 13 days later than its original target date.


The company, which focuses on Sub-Saharan Africa - mainly Uganda and Namibia - had been set to drill the well, located in the Uganda Exploration Area 5, at the very start of this month after signing an agreement with Oil & Gas Exploration Company Cracow in December for a land rig.


However, the rig's previous owners Tullow Oil (TLW), the FTSE 100 oil major, experienced a hitch in the completion of its Kasamene-2 well and failed to release the rig before 31 January.


While the site sits just 94 kilometres north of Kasameme-2, Tower Resources said the road route for transporting the rig was 525 kilometres.


Drilling operations are now expected to last two to three weeks, after which time investors will be sitting tight for the results. In December, the company said the well has a primary stratigraphic target interval below 702 metres and a secondary target interval at a depth of 833 metres.


The higher interval is targeted to encounter high quality fluvial sandstones, while the deeper targets is hoped to house alluvial sandstones similar to those encountered at Tower's previous well lti-1, but of improved quality.


Those discussing the news on the Interactive Investor Tower Resources discussion board, were hopeful this marked the start of the good news flow:


Bass22 commented: "So much has been done to get this well right in terms of location that I am absolutely confident that we will get a commercial find."


Smartinvestor234 added: "The great journey has begun!"


Peter Bassett of WestHouse Securities said: "As the company gears up for its second well in Uganda, the share price has reacted positively.


"Tower estimates prospective resources targeted by the well at between 75 and 100 million barrels recoverable. In the event that Tower is successful with the Avivi-1 well and a commercial discovery is made, the work programme on the block will ramp up. We expect this would include, at the very least, additional seismic followed by more exploration and appraisal drilling."


Aviva-1 marks the second endeavour for Tower on EA5, following the Iti-I exploration well which was drilled last June.


Tower Resources' shares were up 0.6% to 4.33p.