cits total depth at 590 metres – basement was penetrated at 576 metres. No significant hydrocarbon shows were encountered over the zone of interest and electric wireline logging and fluid sampling confirmed that the well was water bearing. The well is now being plugged and abandoned.

Tower's CEO, Peter Kingston, commented: "It is a great disappointment that the final commitment well in EA5 was unsuccessful, for the Tower Board, Tower's shareholders, the committed staff of Neptune Uganda and the people of West Nile who have been so supportive over the past six years. However, while I believe that the largest structures have now been tested, I also believe that the generation of oil has been established and there remains potential for oil discoveries in West Nile sometime in the future. The Tower Board will continue to review future opportunities in the region."

Tower's Chairman, Jeremy Asher, added: "We are now ready to focus on our highly attractive position in Namibia, despite this frustrating outcome in Uganda. The £5.41m placing and £600,000 SEDA drawdown, announced on 9th February 2012, strengthened Tower's financial base both to deal with this eventuality, and to provide a solid position from which to move forward. The exploration well on our Namibian license, currently planned for 2013, will test five targets aggregating over 9 billion barrels of recoverable reserves. Tower has a fully carried 15% interest in the well and the operator, Arcadia, is currently in advanced discussions regarding a farm-out."

Tags: Tower Resources plc