Company Home Page

Company Profile

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.

Exactly

either Kingston is just "covering his arse" or perhaps he may be considering drilling another well after studying the wireline logs.

...Mr.C well if all at mxp goes pearshaped ( which i doubt -obviously, being a S/H ..) l will have the very small consolation i paid 3p/4 p less than directors did not so long ago (esp CEO who tripled his holding ...mind you it was small tatties..),,,,,,,,,,,,,Reg Mr K ,,,sounds like hes covering all bases / eventualities. Not entirely sure i agree with his one in five success rate being acceptable . Last i heard was BP had a six out of six rate off coast of Angola. TLW -3 from 4 . ect ect,,,,,RDG -Disregard the insults.ln other words F*** em.

.

with assets offshore Namibia TRP should be worth a punt as the sp is only "pin money" if CHAR can skyrocket on the back of guesstimates why not Tower?

unlike CHAR, which has yet to prove itself full of shit - and it probably will - TRP has already done so

cynic which latrine do you live in?

the one in the backyard - i like to remember my tyke roots

We thought you came from the middle east, just dig a hole in the sand.

well you thought wrong didn't you ..... mind you bradford (or halifax) could be termed a close approximation

Why did we think wrong you seem to revel in the brown stuff!

like everyone here, i even buy it by the bucketload ..... strangley, every so often i come up smelling of roses

Careful halifax anyone digging a hole in the sand could start another worthless oil & gas E&P co. float it on aim and make a mint. mmmmmm
2517

cynic sp up 20% so far today must be those "sexy" Namibian assets!

20% of zero = zero!

cynic are you any good at math? sp currently 1.55-1.65p, missed the boat again!

got to get to 5p+ for me to miss the boat.

cynic up a further 15% doesn't it make you sick!

nope; why should it?
much happier to be holding the likes of GPX for which there is a proper market

cynic sorry we forgot you only choose shares that suit your opinion don't discount other opportunities which may also give good returns..... to each his own.