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Tower Resources to spud Mvule-1 well in Uganda within 6-9 days

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Tower Resources (LON:TRP) expects to spud the Mvule-1 well on EA5 licence area in Uganda within the next six to nine days.

The company reported that its wholly owned subsidiary Neptune Petroleum has started mobilisation of the OGEC K900 drilling rig to the location of the well, which is targeting a resource potential of 80 million barrels.

Preparation of the site is nearing completion and rigging up is about to begin.

The well is expected to reach its total depth of 600 metres within two weeks of the spud date.

Investors cheered the news, sending shares in Tower up six percent to 4.03 pence in early trade, giving the company a market cap of £49.35 million.

Last month, Tower secured a new £8 million Standby Equity Distribution Agreement (SEDA) and a £3.125 million SEDA-backed loan agreement with YA Global Master.

These funds will cover the costs of the Mvule-1 well, for which the company has budgeted US$6.8 million on a dry hole basis.

Quick facts: Tower Resources PLC

Price: 0.4 GBX

AIM:TRP
Market: AIM
Market Cap: £4.42 m
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