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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.

Hi Big Al.

The question is, if you refer to the tectonic map above, looking at Towrs acreage and bearing in mind the scale, are the faults possibly a help or a hinderence to deposits if any in the depotcener in license number 5?

If you don't know, that's fine and thanks for looking in.

sww - are you sure that scale is correct? The narrative says block 2 is 160 km SW, but that would be off the map. Must be wrong no? If it's correct, the acreage and depocentre seem very small.

Anyway, faults? They can be both a help and a hinderance. Most traps in the world are created by faults. The East African graben (rift valley) is no different to the Graben (plural) in the North Sea where all our oil wealth lies. Therefore, faults = reservoirs, which is good news. Of course, these have to be sealing. There are circumstances in which they could hav eprovided a route whereby hydrcarbons may have long exited the structure.

The interesting thing are the seeps on map 2 - wonder what they're all about.

Hi Big Al, thanks for looking in.

I was looking at the scale coincidentally, I thought it was wrong as well.

The siesmic booked for July is 260 square KM so I would say that there may be a naught left off.

The seeps are interesting as they are probably from a trap known as Kingfisher which is thought to be 3000 feet down and pretty darn big. Tullow and Heritage have that all sown up both sides of the border!

The bulk of Kingfisher is thought to be under Lake Albert and seeps are evident on the surface water of the lake.

I'll do some more on the scale, probably wont take too long.

I am interested in Tower because of the tectonics and appraciate that without a seal there may be nothing.

Back soon.

This map shows the distance across Towers acreage at the bottom as 50km.


That works out for the 260km of seismic.

I think it proves the other to be incorrect.

I think Tower is an interesting punt at the 2.5ish price and from your answer I will stay with it and top slice as and when.

Your reply has helped put into perspective a point raised elsewhere, many thanks.

"Seeps and Oilfields

A good definition of a seep is ''the surface expression of a migration pathway, along which petroleum is currently flowing, driven by buoyancy from a sub-surface origin'' (Clarke & Cleverly,1990). Knowledge of where oil and gas seeps are emerging is therefore a key piece of evidence in reducing the risk on source presence in a new basin as seeps originate by leakage from buried oil and gas accumulations (fig 1). At the most basic level, this demonstrates that the basin contains a generating source rock and hence a viable petroleum system.

Oil seeps

Work published by BP and others in the early 90's (Clarke & Cleverly,1990; Clayton et al.,1991) demonstrated that over 75% of the world's petroliferous basins contain surface seeps (Fig 2), the exceptions being those with unbroken regional evaporitic seals (such as the Hith Anhydrite in the Arabian-Iranian Foreland basin). Most seeps represent tiny but detectable volumes of oil and gas which are not significantly depleting the reservoir. Exceptions would be in some recent onshore fold and thrust belts where accumulations have either been breached or redistributed to tertiary traps and where the link between surface seeps and the leaking traps is more complex. Such geology, however, is rarely encountered in offshore basins so that problem does not arise. Confirmation of the presence of seeps, therefore especially in offshore basins, is positive and in the vast majority of cases is not indicative of breached or depleted traps."

http://www.npagroup.com/oilandmineral/offshore/oil_exploration/index.htm

That Kinfisher is a decent size now the scale is right.

Tower might be worth a punt looking at it. 33% spread means it's no trading stock. LOL! 12.6m mkt cap I have tonight. Need to check how much cash, etc. Always handy to have 100% though. ;-))

Al. The board memebers are what I was initally attracted to this for........

Chairman - Peter Kingston
...a Petroleum Engineer ...40 years of experience in technical, executive and advisory roles....directly engaged, as a director, in the strategic development of oil companies for over 20 years and ...served as executive and non-executive director of UK-based oil and gas companies, including LSE-listed, AIM-listed and private companies. He was Joint-Managing Director of Enterprise Oil Plc from 1984 to 1992. He is ...Deputy Chairman and Senior Independent Director of Soco International ... where he also serves as Chairman of the Audit and Remuneration Committees.... He became Chairman of Tower Resources on 1st February 2006.

Executive Director - Russell Langusch
...a petroleum engineer ...over 29 years' experience in the upstream oil & gas and finance sectors...includes direct working experience in Australia, South-east Asia and the UK North Sea....spent 13 years with Schlumberger and Esso in a variety of roles including field engineer, field service manager, marketing manager, petrophysicist and senior reservoir engineer ...then employed by a number of international investment banks including James Capel, Deutsche Bank and CIBC World Markets as an Oil & Gas Analyst undertaking company research, corporate advisory and M&A work....managing director of Elixir Petroleum Limited, a dual AIM and ASX-listed North Sea exploration company

Non-exec director - Peter Taylor
...Joint Chairman of TM Services Ltd, an international oil and gas consulting company. In 1991 was a founding member and director of TM Oil Production Ltd ...now Dana Petroleum Plc, an oil and gas company listed on the Official List and one of the UK's leading independents. ...a director of Dana until 2001...a founding member and director of Consort Resources Ltd, which became a significant North Sea gas production company, and of Planet Oil Limited, which was merged with Hardman Resources Limited in 1998. ...a founding member and director of Star Petroleum PLC, which was incorporated into Global Petroleum Ltd, which is dual ASX and AIM listed and which has significant interests in Kenya and the Falkland Islands. ...a founding member and director of Neptune.

Non-exec director - Peter Blakey
...Joint Chairman of TM Services Ltd, ...founding member and director of TM Oil Production Ltd, which is now Dana Petroleum Plc ...founding member and director of Consort Resources Ltd, which became a significant North Sea gas production company, and of Planet Oil Limited, which was merged with Hardman Resources Limited in 1998. ...a founder member and director of Star Petroleum PLC, which was incorporated into Global Petroleum Ltd, which is dual ASX and AIM listed and which has significant interests in Kenya and the Falkland Islands....a founding member and director of Neptune.

Non-exec director - Mark Savage
...senior executive for a number of US banks before he joined an Australian based merchant bank....experience in debt and equity markets as well as in the corporate advisory area..has held directorships with a number of public companies....is a director of Global Petroleum Ltd which is dual ASX and AIM listed and which has significant interests in Kenya and the Falkland Islands.

Dana and SOCO feature quite a lot, Russell Langusch from Elixir has moved on, but thoise other guys are not withTower for fun's sake, they know what they are about.

As regards their Uganda License, they currently have 100% and must drill before year end 2008 AIUU, they are actively seeking a farm in, but refuse to let go more than 40%, have stated they are happy to keep 100% if their terms are not met and have private backers waiting to bankroll if they need it.

Need to look at Namibia too, but I suspect that Uganda is the one with potential to be a Company maker. The company are looking to hedge out any investment with other opportunities, their words, elsewhere so they are in the market for more.

You are right about the spread, however it has narrowed enough for me to slip in and out over a couple of days, so I have reduced to anti by 25% of late.

BTW if you look at the new map from Heritage, Turaco 3 (to the north of Fort Portal, another accodation zone), was CO prone and non commercial as a result, but as the drilling has gone north, the oil has become sweet to 30 degree API, the Rift graben sits on granite and on both sides and is 3km thick in the middle so there is a good bottom and side seal . at least, it's what is going on in the graben that is the issue.

Plenty to play with there.

The success going north and quality of oil improving, gives me a picture in my minds eye as to how the graben was formed, and is today i.e as a delta from south to north at some point in it's geological history.

The operators on existing blocks have drilled around 9 times now and each time oil has been hit in commercial quantities.

They have not even bothered with 3d seismic there yet, all the drilling has been on 2d alone although Tullow are about to change that over Kingfisher in particular.

Tullow is also drilling this year in the block adjoining Towers, I expect in the accommodation zone indicated to the right of Mahag. That will be a pointer as to how good a prospect this is.

Final Results

Tower Resources PLC
03 May 2007

Press Release

For immediate release: 03 May 2007

Tower Resources Plc
Final Results for the 18 Months Ended 31 December 2006

Tower Resources plc (Tower' or 'the Company'), the AIM-listed oil and gas
exploration and production company today announces its final results for the 18
months ended 31 December 2006.

Highlights:

Uganda
- Encouraging results from gravity and magnetic data
- 2D seismic shoot to commence in September 2007
- Two wells anticipated early in 2008


Namibia
- Very large structures identified from seismic
- One structure coincident with strong gas indications
- Farm out discussions underway

Commenting on the results, Peter Kingston, Executive Chairman of Tower said:

'The evaluation programmes under way since the beginning of 2006 have yielded
very encouraging results in both Uganda and Namibia and the Board's optimism
about prospectivity in both Licences has steadily increased over the review
period. The success achieved by other operators in Uganda has raised awareness
of what promises to be an exciting new oil production province The year ahead
will see significant tangible development.' (for more read from the link)

Ive ignored this one for a while, but imo it is time now to fill your boots.

Its still a punt, but some risk has eased with the finds in Uganda and the mammoth leads in an adjoining license held by Tullow and Heritage.

http://www.investegate.co.uk/Article.aspx?id=200708281351018723C

"TOWER RESOURCES AND ORCA EXPLORATION JOIN FORCES IN UGANDA

Tower Resources ('Tower'), the AIM listed oil and gas exploration company, and
its wholly-owned subsidiary Neptune Petroleum (Uganda) Limited ('Neptune') have
reached agreement with Orca Exploration Group Inc. ('Orca'), a Toronto TSX
Venture Exchange quoted oil company. Orca will have an option to fund 83.33% of
the expected cost of a commitment programme of seismic and two exploration wells
to earn a 50% interest in Exploration Area 5, north western Uganda. The
exploration area is currently licensed 100% to Neptune.

Under the terms of the agreement, Orca will fund 83.33% of certain back costs
and a 2D seismic programme of 250-300 kilometres, expected to begin this coming
September, which fulfils the commitment of Neptune Petroleum relating to the
first exploration period of the EA5 licence.

On completion of the interpretation of the seismic data, Orca will have the
exclusive option to be assigned a 50% working licence interest in return for
continuing to fund 83.33% of two exploration wells, expected to begin in
mid-2008. Orca's financial contribution relating to the licence commitments is
limited to maximum amounts of US$5 million in respect of the seismic programme
and an additional $10 million in respect of drilling and, if successful, $5
million in respect of testing the two wells.

In the event that Orca exercises its option to become a 50% partner, Neptune
will continue to remain operator under the licence for a period of three years.
However, Orca will assume management responsibility for all drilling activities.
Orca operates the Songo Songo gasfield in Tanzania. Its principal corporate
office and operating base is in Dar-es-Salaam.

Tower's Executive Chairman, Peter Kingston, has welcomed the future involvement
of Orca as a potential 50% partner in EA5. He said:

'Orca has the same cultural philosophy as Tower in the approach to conducting
business in a community-friendly manner. Its significant experience of managing
operations successfully in Tanzania and its belief in combining the strengths of
both parties in the management of business activities will be very positive for
both sets of shareholders. Uganda is entering a very exciting phase in its
development as a new oil province and both Tower and Orca are looking forward to
being a significant part of its future.'

End"

Looks good to me.

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.....