Gulf Oil and Gas accountACCOUNT

Signing LOI Between Tower & TESLA-IMC International

Source: www.gulfoilandgas.com 4/13/2011, Location: Africa

Share |
Tower Resources plc, the oil and gas exploration company with interests in sub-Saharan Africa, principally in Namibia and Uganda, is pleased to provide an update to shareholders on its operation in Uganda, managed by Neptune Petroleum (Uganda) Limited.

A letter of intent in advance of a contract for the 2-D seismic programme of 150-200 kms has been signed with TESLA-IMC International Limited and line clearance is expected to begin by late April. Completion is targeted for end June 2011, by which time a well location can be selected. A high-density geochemical survey, conducted by GORE Geochemical Surveys, is also underway over the prospect area together with focussed sampling around the two existing wells and an oil-bearing well in EA1. The Environmental Impact Assessment and early operational planning for a third well have begun. Now that the political uncertainty with respect to long-term development planning in Uganda appears to have been resolved, a final phase of the farm out programme has been initiated. The Tower Board has raised the additional equity capital required to undertake the seismic programme on schedule and a well can still be drilled in October 2011, subject to rig availability. If the cost of seismic is subsequently met by a third party, the funds will be deployed on new projects.

Peter Kingston, Executive Chairman of Tower Resources, commented: "I am pleased that the Uganda seismic and well programme is still on schedule."

Seismic survey News in Uganda >>

Morocco >>  12/14/2017 - Sound Energy is pleased to confirm that, further to the announcement on 20 November 2017, it has now completed the first phase of the 2D seismic and m...
Iraq >>  12/13/2017 - LUKOIL has signed contracts with Iraqi state owned Oil Exploration Company on the performance of seismic surveys. They will be held at the earlier dis...

Australia >>  12/12/2017 - Santos entered into an agreement to partially fund and operate a 3D seismic survey over the exciting, undrilled Beehive prospect, earning the company ...
Mozambique >>  12/8/2017 - Spectrum announces the commencement of a 2D seismic survey offshore Mozambique on behalf of the Institute of National Petroleum (INP) and in anticipat...

Indonesia >>  12/6/2017 - PGS reports that the seismic vessel PGS Apollo has completed a triple source MultiClient 3D survey in North Madura and is now available for other acqu...
Saudi Arabia >>  12/5/2017 - Magseis has together with is partner, BGP, been awarded an extension to the ongoing contract with BGP Arabia and Saudi Aramco to acquire additional oc...

Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


Uganda Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Uganda >>

More News

 

Oil & Gas Companies in Uganda >>


Related Links

AO BJ BW CD CG CI CM DZ EG EH ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Privacy Policy.