Global Petroleum Ltd (GBP.AU) said Thursday Neptune Petroleum (Uganda) Ltd, a wholly owned subsidiary of Tower Resources PLC (TRP.LN), has completed the preparation of the Avivi-1 well site and drilling camp in Uganda Exploration Area 5 in Uganda.

MAIN FACTS:

-Awaits release of land rig currently contracted, now expected to be released on Jan. 31.

-Rig will be moved to Avivi-1 site for anticipated spudding on Feb. 12.

-Global Petroleum to earn 25% interest by funding 25% of cost of second exploration well.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
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