Neptune Petroleum (Uganda) Ltd., a wholly owned subsidiary of UK-based exploration company, Tower Resources, has struck unlucky for a third time in the West Nile region where a 590 metre well drilled in February failed to find any oil.
The Mvule-1 well was drilled in Exploration Area 5, a 2,491 km2 strip following the course of the Nile as it flows north to the border with South Sudan. Neptune has been surveying and prospecting the area since 2005. Two earlier exploration wells— Iti-1 and Avivi-1—were drilled in 2009 and 2010 respectively, but neither struck oil. Read More