Tower Resources Provides Update for Blocks 40 and 41

Source: www.gulfoilandgas.com 5/27/2014, Location: Africa

Tower Resources plc (Tower), the AIM-listed Africa-focussed oil and gas exploration company, announces that at the Annual General Meeting of the Company, which took place at 3pm today, all resolutions put to shareholders were duly passed. In addition the Company is also pleased to announce the following corporate updates:

Zambia:
As part of the acquisition of Rift Petroleum Limited (Rift), also announced on 9 April 2014, Tower acquired an 80% interest in, and operatorship of, Blocks 40 and 41 in the Zambesi basin, onshore Zambia. This is a frontier basin with a low commitment of geological fieldwork during the initial exploration period which expires in December 2014. Tower recently met with the Ministry of Mines & Energy, the Zambian Environmental Management Agency (ZEMA) and the Zambian Geological Survey Department, and is now in the process of preparing for geological fieldwork in August of this year.

Zambia is Tower's first operated licence area since its drilling operations in Uganda were completed in 2012 and thus marks another important milestone in the growth of the Company.

Jeremy Asher, Chairman, commented: "Tower has been transformed in the last year. Our dedicated team has assembled a diversified exploration portfolio in sub-Saharan Africa, with a mixture of fully funded high-upside near-term drilling and other exploration interests at various stages of maturity. This is the most exciting time for the Company since I first became a major shareholder in 2006".

For more information about related Opportunities and Key Players visit West Africa Projects


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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