Tower Resources Company Page

May 2008 Presentation on Uganda and Namibia

VSA Capital Analysis November 2007

Tower Resources Interim Results September 2008

Global Petroleum Farm In Agreement RNS

Hoodless Brennan Research Note 23/10/2008

Hoodless Brennan Note 12/01/2009

Fox Davis Research Note 6th Febraury 2009

Well spud confirmation

http://www.asx.com.au/asxpdf/20090529/pdf/31htqz3gr6dfdg.pdf

It's shick or bust time folks, 3 weeks to drill one week to assess.

GBP is currently at a clear discount to TRP and have plenty of cash in hand, are shielded somewhat to failure and therefore a better bet that TRP if holding through drilling.

The hype is with TRP however

Good luck if you come on board either.

Proactive Investors Australia :- Global Petroleum spuds ITI-1 well in Uganda

Is TRP suffering the same as hoil? on a yoyo this morning, with unusually high volume of trades. 4mil +

Anybody any idea why the selling spree today? 14mil trades now

Balerboy No news on drill so panic

Read latest RNS.

still in will hold for the result.

no good panicing, lol will stay in as well but dosen't sound good. Must be doubt about the out come.

If oil had been found surely they would have said so, further testing and logging seems to indicate it's a duster. Hope I'm wrong for the sake of shareholders.

What does fluid sampling indicate ?, not being an expert, does this mean mud sampling and sorts ?.....sp all over the place and the market has almost dropped the sp like a duster....I'm in but what a gamble....could be hydrocarbons but not in commercial amounts and second well might be needed...all guesswork...and this would have to turn into a long term investment for me anyway !.

If it is a total duster, then there has been a leak because this has dropped all of a sudden on no news....though surely testing and sampling to my mind seems to indicate that they have found something but what ?...perhaps not in commercial quantities but a second well might be in the running...any views ?.

Might be a complete numscull but have taken a gamble and bought a few more.....
stupid boy!!

Fall in sp suggests they may have struck water.

...or they are negotiating the promulgation of the results with the Powers That Be, which is nobody in Uganda. If anything of significance is found, rest assured it will be political and need this kind of 'negotiation'.

Still a gamble though, good luck if you have de bawls for it.

I'm going to enjoy the weekend then come monday be positive and think nice thoughts about trp.

We must hope that they will drill the Sambi well......though the cost to Tower is obscure in the event that there is nothing at all in the first one.....no oil at all and Global pulling out of the second well will just leave the Namibia project and even though the prospects could be fantastic...still some way off.....!.

Tower comes up dry in Uganda
Business Financial Newswire


Tower Resources has abandoned its Iti-1 exploration well in the West Nile region of Uganda after drilling produced only limited quantities of oil.

The company says re-evaluation of the data will be undertaken to determine a more prospective location for a second well. 'The lack of reservoir at this location could not justify further testing or the immediate move to drill a second well.'

Tower chairman Peter Kingston said, 'The result is very disappointing for everyone involved, not least the people of West Nile. However, this is a very large licence and there is every chance that far better reservoir sand quality can be found elsewhere in EA5.'

So much for the low risk well !....time to put these to one side for some time until they decide to drill again or farm out the Namibia assets...

I must congratulate TRP for keeping the result a secret until this morning....I like the way that the market had no idea at all that this was a dud well......a few things to look into here !.

As you say RF, will have to put these away for a while, thats life... onward and upward. :((

No news was bad news.

This is not the time to sell....large area still to explore with seismic plus Namibia potential...if anything this is the time to buy and be patient....this is not the end by any means.....a small gamble on recovery could be worth a punt for those with the idea of risk....selling now is bonkers ! well in my view anyway.....this is anyway just a fraction of my porfolio !.

Business Financial Newswire
"African-focused oil and gas explorer Tower Resources says it is unaware of any reason for the recent movement in its share price directly related to the company's activities.

The company says re-evaluation of its Exploration Area 5 in Uganda following the drilling of the Iti-1 well is expected to conclude in the second half of September, when an update will be issued to the market."

Starting to perk up again after RNS.

halifax my old mucker, what on earth are you doing investing in uganda oilies - unless these guys also have access to spaceship supertankers

cynic hoping your favourite "oily" might like to expand their estate and make a bid for TRP after all they will need a landing ground for the "space tankers"!

lol! .... VLCCs in correct parlance

Apart from TLW "flavour of the month chinese" might also be in the frame to buy TRP "we note that well known mandarin EK is long!

but is he not also short GKP?

closed his position when the sp fell below 80p.

hmm! ...... on that basis, he should have reopened same this afternoon, but does not look that way!

for every TLW share you could have 400 shares in TRP!

very tempting, but i think i'll manage to resist!

fibber...... lol

Building some momentum today?

Surprising as spud date is 1st Feb I think.

yes so why the sudden buying enthusiasm?

mm's being squeezed seem to be short of stock maximum on line amount 25k.

Might be EK buying in as he is picking up oil minnows.

thought he already held these?

He might have added..possibly ?.

UP 25% so far today must be some news coming?

You hope!!!

sure harry all to play for with this one market cap only 20m, who kows may even be subject to a bid having seen what happened to HOIL.

for someone who thought TLW's find in Uganda had little hope of being properly exploited for many years due to lack of pipeline etc, i am amazed to see young shoddy waxing lyrical about this amoeba company ..... as far as i can see from a quick glance, TRP has little going for it other than another well to be drilled shortly, though that may too be dry or little better than one of HAWK's earth-shattering dribblers

cynic at last you have woken up from your after lunch nap with your usual caustic rhetoric which adds nothing to the fact that TRP will be drilling another hole in February which may or may not turn out to be a roaring success.We shall wait and see.

it was merely fair comment .... TRP's history over the last 5 years shows at least 2 instances of "rocket and stick" syndrome, and though today's volume was quite heavy, it was neither staggeringly so, nor even inbdicative of anything other than the usual "lemming leap".

TRP is an MM stock only ..... while there are about 6 MMs handling the stock (a positive), the spread quoted by each MM is mind-boggling, even if by juggling it was a relatively modest 5% today ..... there is also an awful lot of stock on offer (see L2), though only in tranches of 25k (< 1000) .... it follows that if the market or this stock sours remotely, then it will be impossible to offload except at a joke price.

There is also the distant possibility of the Namibia resources to fall back on but that would be like clutching at straws....I think this might go up strongly in anticipation of a possible strike....

personally, i would rather wait for the strike and then get in if warranted .... if it's a decent find, then there'll still be plenty of upside ..... for the downside, see chart above!

Disagree. Buy on rumour (hype), sell on fact with this one, imo.

or don't buy this one at all and go for quality

If ENI is prepared to pay $1.5billion for HOIL's Ugandan assets who is to say somebody else may not be looking at TRP? Worth a punt at 4p in our opinion, nothing ventured nothing gained. Go to bed early cynic and dream about the "Mountains of the Moon"!

Ridiculous to expect a bid here.

The sub basin they will drill is not connected to the Heritage acreage.

Lets see if they find oil before fantasising please.

The sp rise is speculators in for a quick buck pre drill result just as last time with Iti-1.

They will dump before drilling is completed just like last year at around 6 pence I expect.

Lets see what we could have won if the drill comes in however.............lol

quite so poo ..... don't know what's happened to old shoddy .... his views used to be pretty well balanced and intelligent, but age and/or the vintage port look to have caught up with him

assuredly something like DES - or even FOGL et al - makes a much sounder gamble

for a salutary and sobering thought, i recommend a quick look at the new CAZA thread!

You have to remember this well will take only 2 weeks to drill from what should be early Feb. Therefore now is about the right time for people to start building speculative holdings.

Thats why its rising.


The Avivi-1 well has a primary stratigraphic target interval below 702m and a
secondary target interval which is immediately above expected basement at a
depth of 833m. The higher interval is targeted to encounter high quality fluvial
sandstones, similar to those found in the successful wells in Licence EA1,
adjacent to EA5, but which were absent in Tower's first exploration well, Iti-1.
The deeper prospective interval may have alluvial sandstones similar to those
encountered in the basal reservoir at Iti-1, but of improved quality. It is
anticipated that the well will take about two weeks to drill to total depth.

TRP belongs to 5 of my favourite small oilers for early 2010.

TRP - spudding Uganda early Feb - major potential upside.

AEX - spudding Tanazania 2nd week of Jan - major potential upside

XEL - spudding North Sea test well late Jan/Early Feb - major potential upside.

AST - spudding loads of wells in Q1/2/3 2010 - major potential upside.

DES - spudding Falklands wells in 2010 - major potential upside.

personally, i wouldn't dream of having so many amoeba/minnows from one sector in my portfolio, but if were to choose 2, it would be DES, which I currently hold, and XEL which is just on my watchlist

I'm in all of them, but Tower must be the one with the most risk.....if it comes up dry ?.....heavens forbid !....the sp will plunge...

if you're in now, then seriously consider selling a slab just after spudding but before result ..... if not in, then stay out!

The thought had crossed my mind.

cynic pleased you are not in this "heads or tails" situation your involvement would only put the "mockers" on it. All will be revealed in about 6/7 weeks rather than having to tie up funds for 6/7 months with DES.

ROTFL! ...... would that i was even 25% that influential! ...... both timescales are pretty short and so are not very relevant, other than you can lose your shirt - or dress in ermine - a little quicker on one than the other

The 23rd Dec mention from http://www.oilbarrel.com

December 23, 2009

Tower Resources Confirms February Spud Date For Its Second Well In Uganda

It’s certainly no guarantee of success but the superstitious might take heart from the news that the rig contracted to drill Tower Resources’ second well in Uganda has something of a pedigree in the country. The AIM-quoted explorer has hired the same land rig that has clocked up 15 wells across Blocks 1 and 2, delivering a spread of oil discoveries for Tullow Oil and Heritage Oil that has really put this Central African nation on the oil map.

Tower is exploring some 80 km to the north of the acreage held by Tullow and Heritage; its 6,000 sq km block lies at the northern end of the Albertine Graben. Targets here are very shallow but seismic work has identified some geological similarities between Tower’s Block 5 prospects and some of the shallower Tullow and Heritage discoveries.

Of course, Tower’s first well on the acreage, Iti-1, failed to prove the northern extension of the Albertine fairway. The well was drilled to a total depth of 592 metres and failed to find any producible reservoir sands. Minor hydrocarbon shows were monitored during drilling but evidence of limited quantities of oil in the lowermost target horizon remained ambiguous in the subsequent down-hole well logs and pressure test data and the well was P&A in June.

Subsequently Tower hired some independent consultants to re-evaluate the well data and they concluded that Iti-1 had encountered between 15 and 20 metres of net reservoir sand with “significant” potential to contain oil. This conclusion would need to be verified by a well test and this is not going to happen in the near-term. It does, however, provide some comfort that the acreage does hold potential oil-bearing reservoirs.

That potential will next be put to the test in early spring, when the second well, Avivi-1, spuds on February 1. Confirmation of the rig and spud date will bring some reassurance to investors that the company will meet its licence commitments: the second well had to be drilled by March 2010. It won’t be a long drill, taking about two weeks to hit total depth of 833 metres. The Avivi-1 well has a primary stratigraphic target interval below 702 metres and a secondary target interval immediately above expected basement.

Importantly, Tower’s partner in Iti-1, ASX-listed Global Petroleum, has decided to maintain its interest in the acreage by funding 25 per cent of the costs of Avivi-1. This is important because Global had the right to pull out of the programme after the Iti-1 duster, which it had largely funded. The fact the ASXgroup saw enough prospectivity to stay on board for a second well should provide some comfort for Tower backers spooked by the dry hole and the subsequent nose dive in the share price. The share price is still bumping along at less than 3 pence a share: the hope now is that the confirmed spud date will put a little momentum under the shares as drilling approaches.

ah yes oilbarrel, that great forum for self-promotion while masquerading as objective reportage

cynic sorry you missed the boat again!

i'm not ..... could say exactly the same to you re TLW! ..... at least with TLW the gamble, as is all so-called investing, was pretty minimal

cynic have made a 45% profit on this one in 2 months somewhat better than we could have made buying a "deadweight " share like TLW.

have you banked the profit? ... if not, then theoretical only.

as for me, haven't bothered to check what % i have made on TLW this financial year, but as margin is only 5%, i know i have banked well in excess of 100% along the way and probably a lot more ..... indeed, present holding (bought 12/11) is also showing 100%+ (paper!) - 750.00 on 652.75 outlay

stupid these % games aren't they!

cynic decided to take profit but may return in the New Year.

sensible chap

You will always wonder if you did the right thing halifax..........

Time will tell, as you well know it's all or nothing (much!) for those who stay.

it can never be wrong to (partially) bank a decent profit ... never lose money that way!

Can't argue that cynic.

I have done the same twice here before, may do again if it nears where I think it will pre drill.

Not interested in holding for dusters unless I have worked a free holding, yes I have but I have now spent the previous profit. Frittered away on wine, gadgets and trinkets. I let the wife have a little as well, well a meal out at Pizza Hut anyway, she should think herself fortunate, I know others that don't tell their other halves when they have a little win. In fact I don't now I come to think about it, she does not need to know........

My how I hate making money this way!!!

DPL is another one you will hate, but it will do a similar thing soon they are drilling 1st half of next year next to lake edward in Uganda, much more likely to hit oil there imvho and in quanitity.

Respect and luck to you dear fellow.

Link here :

http://www.edisoninvestmentresearch.co.uk/research/category/Tower%20Resources

.

looks like good news is coming. have we got shed loads of the black stuff!!

Crikey ! it's time to dig this one out of the swamp (my wardrobe)....now where are those shares ?...spiders....cobwebs...playboy mags...no that's not it...ahh.. there they are...put them away hoping for better climes and hey presto !....a dramatic rise today....might even break even if this carries on ...

rf that would be amazing as spud date is 1st february.

the lemmings are stampeding, if that is what they do, as 10m already traded against a daily norm of just 5m ...... however, don't get suckered in for too many as EMS is in 25k (1000) only

Don't tell us......you've bought some for a quick buck like VGM.......lol

nope, but just watch it out of curiosity