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Tower chief exits
Posted 07.03.2012 10:21:22 av John Bradbury
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Tower Resources chief executive Peter Kingston has stepped down early after the failure of the latest exploration well drilled by the company.

Kingston  who originally signalled his intention to leave Tower Resources last November – has left the company  “..in light of the earlier than anticipated completion of operations on the Mvule-1 exploration well in Uganda Licence EA5, Peter Kingston, chief executive, has stepped down from the Board of Directors with immediate effect,” a London Stock Exchange statement declared today.

A search for Kingston's successor is already underway.

Tower Resources declared towrds the end of last month that its Mvule 1 exploration well in Uganda had reached total depth a 580 metres (1,902 feet) after penetrating a basement at 576 m (1,889 ft) but no significant hydrocarbon shows were encountered. Electric wireline logs and fluid samples confirmed the well was water bearing and the hole was plugged and abandoned.
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