Another company starts oil exploration
Feb 13, 2007
TOWER Resources, an independent oil and gas exploration firm, has started exploration in northern Uganda.
By Emmy Olaki
TOWER Resources, an independent oil and gas exploration firm, has started exploration in northern Uganda.
Tower Resources was licensed to explore Block 5 in the north and has started operational planning, the first stage in oil exploration.
The company announced that it was carrying out land and geological field surveys to investigate the presence of surface oil seeps.
According to the company, the presence of seeps would confirm that oil has been generated under Block 5, but a lack of the seeps would not reduce oil prospects in the area.
Tower Resources acquired Block 5 after a merger with Neptune Petroleum, which was approved by the shareholders on January 16, 2006. Neptune Petroleum was granted the licence by the Government.
Tower Resources has signed a contract with IMC Geophysical International to acquire 250 kilometres of data. The operation is estimated to commence in July. Tower Resources wants to start drilling in 2008.
Operators with licences to the south of Block 5 have succeeded. Tullow, now 100% owner of Block 2 in Bunyoro, has confirmed two discoveries.
TOWER Resources, an independent oil and gas exploration firm, has started exploration in northern Uganda.
Tower Resources was licensed to explore Block 5 in the north and has started operational planning, the first stage in oil exploration.
The company announced that it was carrying out land and geological field surveys to investigate the presence of surface oil seeps.
According to the company, the presence of seeps would confirm that oil has been generated under Block 5, but a lack of the seeps would not reduce oil prospects in the area.
Tower Resources acquired Block 5 after a merger with Neptune Petroleum, which was approved by the shareholders on January 16, 2006. Neptune Petroleum was granted the licence by the Government.
Tower Resources has signed a contract with IMC Geophysical International to acquire 250 kilometres of data. The operation is estimated to commence in July. Tower Resources wants to start drilling in 2008.
Operators with licences to the south of Block 5 have succeeded. Tullow, now 100% owner of Block 2 in Bunyoro, has confirmed two discoveries.