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

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