28th Jan 2010 07:05
Global Petroleum Limited announces that Tower Resources plc has today provided an update of current operations.
In Uganda, Tower's wholly owned subsidiary, Neptune Petroleum (Uganda) Limited ("Neptune"), has completed the preparation of the Avivi-1 well site and drilling camp in Uganda Exploration Area 5 (EA5) and is awaiting the release of the land rig owned by Oil & Gas Exploration Company Cracow Limited (OGEC) which is currently contracted to Tullow Oil plc. The rig has finished drilling Tullow Oil plc's successful well at Kasamene-2 but due to operational delays in the completion of the well, the rig is now expected to be released by Tullow on Jan. 31th and will be moved to the Avivi-1 site for anticipated spudding on Feb. 12th. The Avivi-1 well site is 94 km north of Kasamene- 2 but the road route for transporting the rig is 525 km.
As previously advised, Global Petroleum has elected to maintain its option to earn a 25% interest in EA5 by funding 25% of the cost of the second exploration well.
Contacts:
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Global Petroleum Limited |
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Shane Cranswick |
Tel |
+ 61 8 9322 6322 |
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Astaire Securities Plc (Nominated Adviser and Broker) |
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William Vandyk |
Tel |
+44 20 7448 4400 |
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