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Tower Resources - Interests in Uganda and Namibia (TRP)     

seawallwalker - 21 Jul 2006 17:53

Company Home Page



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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.

Chart.aspx?Provider=EODIntra&Code=TRP&SiChart.aspx?Provider=EODIntra&Code=TRP&Si

mitzy - 09 Sep 2010 08:44 - 216 of 239

Patience is required.

ravey davy gravy - 10 Sep 2010 10:52 - 217 of 239

The herd will chase this one above 4p again when they issue the data.

Always happens, just sit back and wait for the 20-30% gain to materialise
or higher if you are in at 3p or lower.

champagne ronny - 10 Sep 2010 12:58 - 218 of 239

about as stable as Zimbabwe mitzy so if they ever found anything they'd have no claim to it i bet - just ask Heritage oil. Don't bet the farm here ffs.

mitzy - 10 Sep 2010 13:08 - 219 of 239

I wont ronny thanks.

ravey davy gravy - 14 Sep 2010 13:58 - 220 of 239

Love or hate Trp somebody has paid a 0.1p premium for 1 million shares, i was
wondering why the online limits were so good currently.

blanche - 23 Sep 2010 16:42 - 221 of 239

Well back in profit now 72% so happy days again. Things are gradually building here, With good buying again today. Something a foot me thinks. AIMVHOOC

blanche - 24 Sep 2010 14:07 - 222 of 239

Decided to sell with 95% profit. To tempted to put money else where. Will keep eye on it may come back in future.

Balerboy - 24 Sep 2010 22:28 - 223 of 239

good for you blanche, got to go quite a bit more for me, don't think i'll see 95% lol..

blanche - 27 Sep 2010 15:16 - 224 of 239

Timed that pretty well, better still ploughed the lot into bao at 10.25. Happy Days

required field - 16 Feb 2011 09:17 - 225 of 239

This is the next one to do a vertical rise....in the world of speculative oilies.....

Stretch64 - 18 Feb 2011 09:39 - 226 of 239

http://www.iii.co.uk/articles/14365/four-oil-firms-east-african-exposure

required field - 18 Feb 2011 15:39 - 227 of 239

Chart breakout about to happen ?....should move very fast if so !.

required field - 21 Feb 2011 08:18 - 228 of 239

Trickling up......massive potential....nice rise...

required field - 03 Mar 2011 08:55 - 229 of 239

Starting to really climb now...perhps 10p on the cards ?.

required field - 08 Mar 2011 08:06 - 230 of 239

Decided to take some profits here as this has had a tremendous run and a discovery is priced in......not sure where the top is....

Stretch64 - 18 May 2011 07:34 - 231 of 239

RNS out. Looks good to me. Any thoughts?

required field - 06 Jun 2011 08:36 - 232 of 239

One of the rare steady risers over the last week.....looking good once more...

kuzemko - 11 Oct 2011 08:38 - 233 of 239

Whats going on with TRP today. No trades!

required field - 17 Nov 2011 09:49 - 234 of 239

Might be time to get back in here......loads of news to come from this and CHAR soon...should push the sp's higher....

required field - 04 May 2012 13:10 - 235 of 239

Time to look at TRP again.... BPC....2 billion barrels perhaps...GOO...2 billion barrels perhaps...TRP...9 billion barrels perhaps.....in the perhaps world..no contest...
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