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Tower Resources is an AIM-listed, London-based, independent oil and gas exploration company with a regional focus on sub-Saharan Africa. The company held 100 per cent licences in Namibia and Uganda, parts of which it has farmed out, through its two operating subsidiaries, Neptune Petroleum (Namibia) and Neptune Petroleum (Uganda).

Uganda is one of the exploration hotspots at the moment and Tower will be hoping that the current run of success experienced by other in-country explorers continues into its acreage. Namibia is less advanced but on the basis of technical work done so far some very large structures will be targeted for further investigation.


Onshore Block EA5 in northern Uganda extends over 6,000 sq kms and is at the northern end of the Albertine Graben. A regional gravity and magnetic survey has identified that Block EA5 contains one of the five identified sedimentary depocentres (or basins) within the Albertine Graben. EA5 contains the Rhino Camp Basin.


Tower believes that some considerable encouragement can be drawn from the significant discoveries, drilled by Hardman (which was taken over by Tullow) in Block 2, some 150 km to the south of Block 5 and the significant Kingfisher discovery further south in Block 3. Further appraisal of these discoveries is ongoing but they are multi-million barrel finds.


Furthermore, 200 km to the north of Block 5, the tertiary shales of the Muglad rift basin of Sudan have been shown to be a major source of oil in the Unity and Heglig fields. It would seem unlikely that the Rhino Camp Basin would, therefore, be devoid of potential source rocks.


There is considerable anecdotal evidence to support the seepage of oil to surface within the Licence and surveys are continuing to establish the physical evidence of this.


Tower is well advanced with its plans for this asset. An agreement with US group Orca Exploration provides for Orca to repay 83.33 per cent of past costs and to fund 83.33 per cent of future costs related to current seismic. Their share of seismic costs is capped at US$5 million based on the current planned size of the programme. Orca then has an option to participate in the two well commitment programme, becoming a 50 per cent licensee on making that commitment, providing 83.33 per cent of the cost of the two wells. There are agreed caps on Orcas share of the well funding - US$10 million for drilling costs and US$5 million for any testing operations.


The programme is to record 285 kilometres of 2D seismic (this is shallow, tertiary territory). Once prospective targets are identified it is planned to drill two wells in 2008.


In Namibia, Tower had 100 per cent of Blocks 1910A, 1911 and 2011A, offshore Namibia, which covers a vast area of approximately 22,000 sq kms in water depths ranging from 200 to 3,000 metres. This amounts to one block and two contiguous part blocks. This is real frontier territory and Towers plans are less advanced here than in Uganda.


These blocks are little drilled, although Norsk Hydro drilled two wells, both of which turned out to be dry holes. Tower has been looking elsewhere in the north of the licence.


Tower has concluded a farm out agreement with Arcadia Petroleum. Under the terms of the farm out agreement Tower retains a 15 per cent stake carried through a programme of 2D and 3D seismic and two wells. In the event that the farminee, or any assignee of their rights and obligations, opted not to pursue the full programme, the full licence interest would revert to Tower.


So far a 700 km programme of 2D seismic has been completed and will now be subject to AVO analysis. It is hoped that a further 3D seismic programme will be completed by the end of 2008. The structures involved are huge, possibly containing multi tcf prospects.

Well there's nothing in there to account for the delay you are highlighting, what is your source?

I don't need to know who, so a generalisation will do or email me off board by clicking my screen name and use money am messenger.

Any comment you may have heard seems to fly in the face of the Reuters article which was published last week.

I am sure Peter Kingston will address such concerns either in the Prelims or at the AGM all of which are imminent

Tower are applying for licenses in Tanzania as below in this item found by xxnjr (TMF) for us,

http://www.tpdc-tz.com/PRESS%20RELEASE_TZ%20Closes%20Mini%20Round18.12.2007.pdf



They have bids in for Lake Eyasi-Wembere, Natron and Manyara and Lake Tanganyika South

They are active looking for new prospective licenses as promised.

1m shares are nothing in the scheme of things, even I hold more, but would they sell into a good story?



TOWER RESOURCES PLC ('the Company')



The Company was informed on 4 April 2008 that CIM Special Situations has sold
1,000,000 shares taking their holding to 31.75 million shares, representing 5.9%
of the total voting rights of the Company.

Alone it's nothing.

The announcement tell me thats all they are selling.

I will watch, I did see that the shares were being sold, even a million shows up when there are not too many in circulation.

Finals to 31st December 2007 plus operational update

Interesting update today.

LOL

http://www.advfn.com/cmn/fbb/thread.php3?id=16803160

doing very well.

180
You could say that 236% up.

LOL LOL LOL

poo
You still on these well done if you are.

Thanks SWW, I bought into the prospects for these last year after you alerted me via your informative posts on this thread. Taken out my investment and will let the rest ride.......Thanks.

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I would not be surprised to see another largish gain tomorrow once it hits the papers as I am sure it will.

Hello poo bear, I found this place. Thanks for the tip.

OTU

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PRESS RELEASE




8 April 2009




Tower Resources completes a rig contract with ASCOM for Uganda Drilling




Tower Resources plc ('Tower') (AIM:TRP) is pleased to announce that its wholly-owned subsidiary, Neptune Petroleum (Uganda) Limited ('Neptune'), has signed a contract with the ASCOM S.A. Group ('ASCOM') to provide the MBU-125, a mobile land rig to drill Iti-1, Neptune's first commitment well in Uganda Licence EA5.




The Iti-1 well site and camp site are completed and all Government consents are in place. All drilling supplies will be on site shortly and agreements with the necessary service suppliers are close to finalisation in readiness for the rig's arrival. There do not appear to be any serious logistical impediments to transporting the rig to the Iti-1 site. The current best estimate is that the rig will arrive at the well site in early May to commence drilling by mid-month.




Peter Kingston, Chairman of Tower Resources plc commented:




'The Tower Board is delighted that the first well in Uganda is now on a firm schedule and the results of more than three years of evaluation work will soon be tested with the drill bit. Results of drilling by other operators in late 2008 and early 2009 have highlighted the major potential of shallow prospects in the northern region of the Albertine Graben and I believe that EA5 has similar prospectivity.'

Good time to buy into this Imho

More good long term news today, Directors buying , putting there money where there mouth is. Gr8t prospects in uganga and namibia. Easily double from here. Imo Dyor

FRONTERA RESOURCES/FRR 4 well drill results imminent on the move

My friend in Uganda is expecting a positive outcome from the recent prospect.