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Tower Resources - Badada well preparations can continue


Preparations for drilling the Badada exploration well in Kenya can continue, Taipan Resources (CVE:TPN) has told investors.

Work was halted earlier this month after an injunction was served.

Taipan Resources subsidiary Lion Petroleum is the operator of the onshore well and has a 30% working interest. Premier Oil (LON:PMO) has 55% and Tower Resources (LON:TRP) 15%.

It was revealed on November 18 that Lion Petroleum has received formal notice from the High Court of Kenya of a temporary injunction preventing it from working on the well in north-east Kenya.

The lawsuit also names as co-respondents Kenya’s Cabinet Secretary, the Ministry of Petroleum, Attorney General, chair of the National Land Corporation and Premier Oil.

Since then lawyers representing Lion have appeared in the High Court, in Nairobi, seeking a variation to conservatory orders and the court agreed to vary the orders to allow Lion to continue preparations for drilling.

At a subsequent hearing the County Government of Wajir was permitted to join the petition as an interested party opposing the petition, alongside Taipan, Lion, Premier Oil, the Ministry of Energy & Petroleum Kenya, the Attorney General's Office Kenya and the Department of Lands Kenya.

It was also deemed by the High Court that the two outstanding petitions against the parties be consolidated and heard as one, before the High Court on December 10.

"The variation to the conservatory orders and consolidation of petitions signifies meaningful progress allowing the operator to continue work at the Badada-1 well-site," Taipan said in a stock market statement.

"Taipan and the Block-2B joint-venture partners remain confident that the remaining petitions will be over-ruled at the next court hearing and will remain on schedule to spud the Badada-1 well in early January."

Quick facts: Tower Resources PLC

Price: 0.45 GBX

Market: AIM
Market Cap: £4.97 m

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