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Tower Resources - Interests in Uganda and Namibia (TRP)     

seawallwalker - 21 Jul 2006 17:53

Company Home Page



<a href=Photo Sharing and Video Hosting at PhotobucketPhoto Sharing and Video Hosting at Photobucket


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

moneyman - 21 Dec 2006 15:58 - 38 of 239

Positive sign when someone buys a place on the board.

seawallwalker - 21 Dec 2006 16:03 - 39 of 239

Hi mm.

I had seen it but did not have time to react today in detail.

Yes a very positve sign.

Things will move now.

The structure of the Company looks like a mini SOCO imo.

Good to be in these early.

seawallwalker - 09 Jan 2007 07:21 - 40 of 239

Borrowed from tmf

Notice of EGM - share placement to get things moving.

".........so as to be able to optimise commercial terms with potential farm-in partners and to retain substantial interests where desirable. Farm-out activities have been underway for the Uganda Licence, Block EA5, for some months and there has been significant interest and commercial terms have been discussed with a small number of companies. The farm-out process has only recently begun for the Namibia Licence but serious interest has already been attracted................"

poo bear - 09 Jan 2007 12:15 - 41 of 239

"UGANDA thinks that it and neighboring countries have discovered oil deposits large enough to rival those of some of the world's greatest petroleum producers, according to Uganda's Energy and Mineral Development Minister Daudi Migereko......"

The item is a good overview.

http://www.nypost.com/seven/01092007/business/oil_find_in_uganda_may_change_game_business_john_crudele.htm

Pinched from O&G board - ManSiarad was the poster.

seawallwalker - 09 Jan 2007 18:52 - 42 of 239

Eye eye............

Whats all this then?

Hmmm............

Hopeful sort of chap the MOO chap!

Thinks Uganda could be the next Saudi Arabia.

No way, they are land locked for a start and ther are too few Arabs.

seawallwalker - 15 Jan 2007 07:23 - 43 of 239

Kingfisher finds more oil, still a fair way to go to t/d

Could be helpful!

moneyman - 17 Jan 2007 10:48 - 44 of 239

http://www.newvision.co.ug/D/8/220/543585


moneyman - 17 Jan 2007 21:45 - 45 of 239

Is this heading for a breakout ?

seawallwalker - 18 Jan 2007 07:26 - 46 of 239

No.

Too early and not enough volume.

Wait till after they finish Kingfisher and then see what occurs, most likely get a rise then.

Anything sustained will have to wait till they have done the 3d stuff mid summer and then interpreted it.

seawallwalker - 25 Jan 2007 12:33 - 47 of 239

But now it's at an all time high.

News is due on farmouts..........any time.

moneyman - 25 Jan 2007 13:51 - 48 of 239

Looks like we may have a chart breakout to contend with.

cchart.php?epic=TRP&height=152&width=245

seawallwalker - 26 Jan 2007 08:43 - 49 of 239

Well, yesterday's high held and today we are up again.

Could well be something in the wind.

moneyman - 26 Jan 2007 10:58 - 50 of 239

Looks like the breakout is confirmed today.

moneyman - 26 Jan 2007 10:58 - 51 of 239

Looks like the breakout is confirmed today.

seawallwalker - 26 Jan 2007 12:41 - 52 of 239

I agree, breakout confirmed.

seawallwalker - 26 Jan 2007 16:53 - 53 of 239

Nice if it can hold.

Wait and see time

seawallwalker - 26 Jan 2007 16:54 - 54 of 239

Sorry, I won't do that again.

8-)

seawallwalker - 08 Feb 2007 07:29 - 55 of 239

Update on Company Activities and Placing

Uganda
o 2D Seismic survey to commence in July with a view to drilling in 2008
o Other Operators reporting exploration success

Namibia
o Reprocessed data highlighted potential for commercial gas reserves
o 2D Seismic survey in planning for late 2007

Placing
o 500,000 raised in Placing of New Ordinary Shares


AFX


LONDON (AFX) - Tower Resources said that 'good progress' has been made with operational planning at its Uganda project and anticipates drilling a well there in 2008, while in Namibia reprocessed data has highlighted the potential for commercial gas reserves.

In an update, the firm also announced that it has raised a further 500,000 stg through the placing of 25 mln shares, after it raised 1.04 mln stg in a placing in December.

The funds will be used for the development of its existing oil and gas assets, the expansion of its oil and gas portfolio and for general working capital purposes, said Tower.

The firm said in Uganda surveys are currently underway to investigate the possibility of surface oil seeps. A contract has been signed with IMC Geophysical International Ltd under which IMC will acquire 250 kilometres of seismic data, estimated to begin in July.

The intention is to complete the interpretation of this data and to begin drilling a well early in 2008, planning for which will begin soon, added Tower.

Other operators in licences to the south of Block 5, such as Tullow, have continued to have success, pointed out Tower. These programmes, when added to Tower's own activities, will amount to 'a significant assessment of the potential of the Albertine Graben', increasing the 'likelihood of proving up sufficient oil reserves to support a pipeline from the operational areas', it said.

In Namibia, meanwhile, studies have confirmed that three out of four potential source rocks are likely to be mature with significant areas at peak maturity, the company said.

'Analyses have highlighted the potential for commercial gas reserves in the northern part of the licence, particularly in a very large structure to the west of, but adjacent to the deepest 'kitchen' area of the Dolphin Graben.

'The immediate exploration programme, including a 2-D seismic survey later this year, will be directed at investigating the potential of this structure,' it added.

seawallwalker - 08 Feb 2007 16:12 - 56 of 239

Great trunaround in the share price today, was down 30% because of the placing, now 8% plus up!

seawallwalker - 08 Feb 2007 23:02 - 57 of 239

Oil Voice
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