LONDON (ShareCast) - Tower Resources said it would start drilling a well in Namibia earlier than expected in February 2014.

The Aim-listed oil and gas company said it had a firm rig in place at the Welwitschia-1 well in the Walvis Basin. Crucial components including well heads and casings have been ordered or are being ordered after competitive tendering, the Africa specialist exploration company said in a statement.

The company is looking for ways to finance the well, including farming out some activities in return for cash, an asset swap, raising equity or a combination of the three. It said the well had “giant potential”.

Chief Executive Graeme Thomson said: “Drilling is now scheduled to be starting earlier, in mid-February 2014. We look forward to further updates as we move quickly to drill on this giant prospect".”

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