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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.

TOWER RESOURCES: NAMIBIA UPDATE

Tower Resources PLC
05 September 2007

TOWER RESOURCES: NAMIBIA UPDATE

Tower Resources ('Tower'), the AIM listed oil and gas exploration company, and
its wholly-owned subsidiary Neptune Petroleum (Namibia) Limited ('Neptune') have
completed a 2D seismic acquisition programme and have agreed farm out terms with
a third party. Both events mark important progress in the operations and future
funding of their licence obligations in Namibia.

Tower contracted with Sana Navigation Company Ltd. to deploy the seismic vessel
'Northern Explorer', to acquire 2-dimensional seismic programme over the north
western areas of its licence covering offshore blocks 1910A, 1911 and 2011A. The
survey was completed on the 1 September 2007 having acquired more than 700
kilometres of good quality data. The next step is for the process and
interpretation of the data. This new data will facilitate further evaluation of
the large structure revealed by an amplitude variations with offset analysis as
currently seen on existing licensed data.

Neptune has also signed a farm out agreement with a third party to fund this
work programme and, potentially, additional future seismic and drilling
activities. The farm out agreement is subject to formal approval by the Namibian
Government and a more detailed announcement will be made once this has been
received. Tower will continue to have a 100% interest in the project up until
completion of the farm out agreement.

End

In summary

Seismic in Uganda before year end, drilling x2 mid 2008 based on results. 50% carry over 83% of total costs. HC's in multiple drills by Tullow/Heritage in adjoining blocks with the possibility of a billion barrel field at Kingfisher.

Seismic in Namibia over 3 licenses. Farm in subject to results.

Share price 3 pence to buy.

Yes SWW, looks interesting gamble. Had a small punt today with profit from reducing my bet on PET.

Good work with PET you have needed balls of steel there sometimes and I admit I am not a Horgan/Teeling fan, however it seems to be becoming good.

Updated tectonic map of the Abertine Graben now in the header.

Namibia Farmout:-

http://www.advfn.com/p.php?pid=nmona&article=22332156&epic=TRP

TOWER RESOURCES: APPROVAL OF NAMIBIA FARMOUT


Tower Resources ("Tower"), the AIM listed oil and gas exploration company, has
been advised that the Minister of Mines and Energy of the Republic of Namibia
has approved the farmout by Tower's wholly-owned subsidiary Neptune Petroleum
(Namibia) Limited ("Neptune") of an 85% interest in its Licence, covering
offshore blocks 1910A, 1911 and 2011A, to Arcadia Petroleum Limited (Arcadia).
The Minister has also approved the transfer of the Operatorship of the Licence
to Arcadia.

Under the terms of the farmout, Arcadia has committed to fully fund a programme
of activity in four parts which includes:

* cost associated with shooting the recently completed 2-Dimensional seismic
programme and further costs arising from its interpretation;
* shooting and interpreting a 3-Dimensional seismic programme, presently
contemplated in early 2008;
* an exploration commitment well;
* a second well which might be an appraisal well or a second exploration
well.

Arcadia has the option to withdraw from its commitment at the end of each of
these four stages of operation or to assign all or part of its interest to a
third party agreeing to meet the funding commitment. In the case of withdrawal
and failure to assign, the full 85% interest will revert to Neptune. Arcadia
will also reimburse 85% of certain historic costs to Tower.

Arcadia Petroleum Limited is a substantial trader of oil and related products.
They bring considerable financial strength to the Licence as well as access to
very relevant expertise in exploration, development and shipment of oil and
natural gas.

Peter Kingston, Tower's Chairman has welcomed the introduction of such a strong
partner. "Arcadia shares Tower's belief that the Licence has the potential to
contain giant gas fields. In particular, the discovery of large volumes of gas
can be developed effectively given Arcadia's financial strength and its access
to appropriate technology. Activity now promises to progress quickly and the
potential of the Licence is genuinely exciting."

Interim Highlights:-

"Interim results for six months to 30 June 2007

Tower Resources ("Tower" or the "Company"), the AIM listed oil and gas
exploration company, has today announced substantial progress with its
operations in Uganda and Namibia during 2007 with significant milestones being
achieved since mid-year.

In Uganda:

*Seismic Operations have begun
*Orca Exploration Inc. to fund most of the licence commitments over two
years
*Two exploration wells anticipated in 2008
*Other exploration operators enjoying continuing success in the region

In Namibia:

*700 km 2-D seismic survey completed early and data quality very high
*3-D Seismic survey in planning for 2008
*Farm-out agreement with Arcadia Petroleum Limited

The Company had a period end cash balance of #2,136,382 after capital
expenditure of #479,568 and reported a loss for the six months to 30 June 2007
of #252,388. In addition, the Company expects to receive $1.7 million in back
costs as part of the farm-out arrangements.

Tower Resources' Executive Chairman, Peter Kingston, said:

"The Boards optimism about potential achievements in both the Uganda and Namibia
Licences has continued to grow during 2007 and this is now shared by two very
strong partners.

'The next 18 months will be very exciting; In Uganda, a 2-D seismic survey and
two exploration wells should be completed by the end of 2008, whilst in Namibia,
a programme of 3-D seismic surveys will hopefully be completed by the end of
2008.

'With both existing Licences largely funded, the Board will now give greater
priority to adding additional licence interests, probably in Africa, to its
portfolio"

http://www.advfn.com/p.php?pid=nmona&article=22332101&epic=TRP

If anyone fancies coming in, then between now and the seismic results is the time imho.

Here it is.....

may watch this one .... really a bit small for me, and am happy with exposure to oil/gold through POG and IEC (and PMO) ..... it is of concern that NMS is only 5000 which is a joke for a penny stock

At least you did not dismiss it out of hand.

Thanks for the comment too.

haven't read about it either ... having done so, i may well say i think it's a load of ordure! .... lol!

OMG and to me your word is Gospel.......... I just sold my wedge!!

Nah not really as I have traded this so I am 75% up since July last year!!!

;-)

But that's nothing compared to what I think will occur.

a 35km strucure that you can see in the tectonic map excellent gravity contours as you can also see and significantly derisked by the drilling record of adjoining blocks, siesmic under way and 2 well sceduled for Q2-3 next year in Uganda.

No need to hold up to that point, I would expect there to be a fair profit before drill hits the ground even if buying now, but I intend to see this one out.

Just spotted something else.......... I gone for a minute but the tectonic map shows 2 such structure not sure id the southern one is within their license, popping over to Canada to confirm.

Cancel that, they only have one 35km structure, the other is in License 1.

this exctract from the company's home page says it all .......

Tower Resources will, in mid-2008, begin a two well drilling programme and may, at that stage, bring in industry partners to share the associated financial risks.

at this juncture, and indeed for the next 12 months or longer, TRP is worth less than nothing ....... plenty more like that to choose from!

Having perfomed due dilligence pver a year now and decided this is the best of that bunch and well worth the punt, I will stay with it tillthe end.

Especially as they have brought in industry partners who will foot all costs so far subject to the usual conditions and that only leaves them 3m in the bank to play with for thier next stated intent acquiring more exposure in other areas.

So says the latest few RNS's which should have been read for the complete picture

The market cap is 14m and I would point out that a good fair proprotion of shares are held by individuals and institutions.

Let's hope that their bank is not Northern Rock!

more to the point, let's hope you have not taken out a mortgage to buy these!