Feel like a piece of huge glass window fell from a 330 storey Building and fell towards me at a million miles per hour and just skimmed the skin of my ears missing me by centimetres. Looks like we might be saves afterall and heading towards the Goldmine
Tower Resources has closed its East Africa regional office in Uganda from where it has been coordinating activities on its licenses in South Africa, Zambia, Kenya and SADR (Western Sahara).
This follows new cost reduction measures being undertaken by the company that have also seen the relocation of Tower’s corporate office as the company tries to keep its near-term commitments are low, and aims to farm down its working interest holdings as appropriate to manage our risk-reward position.
Tower adds it is now refocused its portfolio and resources to areas predominantly on the Atlantic Margin where it is confident it can add value even in this difficult market.
“Accordingly, we have withdrawn from areas where we feel there is no medium-term likelihood of commercially worthwhile success. Our near-term commitments are low, and yet we have significant working interest holdings which we aim to farm down in due course as appropriate to manage our risk reward position,” says a joint statement by the Chairman and CEO.
Currently the company is focused on its Cameroon acreage it acquired earlier this month as well as in Namibia where it has made a number of applications in process as it seeks to build our acreage position in what remains a hugely underexplored but highly prospective area.
Early stage field work in Zambia Tower says has been encouraging, and it has now received approvals in South Africa to move into the next licence stage on Algoa-Gamtoos.
Earlier this year the company and its partners Premeir Oil and Taipan Resources in Kenya’s block 2B were unsuccessful in the drilling of the unsuccessful Badada-1 exploration well.
Following the unsuccessful drilling and Premier Oil plc exercised their right to exit the joint venture with effect from 30 April 2015. Accordingly, Lion and Tower announced working interests in the Block will be adjusted on a pro-rata basis (Lion 66.66%, Tower 33.34%) for the remaining approximately six months of the current licence phase after an extension by the Kenyan government ending in November 2015.
Tower Resources plc (TRP.L, TRP LN), the AIM-listed Africa-focussed oil and gas exploration company, announces an Operational Update and its Interim Results for the six months ended 30 June 2015.
Signing in September 2015 of the Thali Block PSC, located in the prolific proven producing Niger delta, offshore Cameroon; Tower is now reviewing existing discoveries (7 million bbls) and upside, as well as planning for H1 2016 3D seismic; Institutional placing in July 2015 raising approximately £5.2 million (US$8.0 million), after expenses, at a price of 0.19 pence per share: Key support from M&G Investments who now hold an 18% interest in the enlarged share capital and directors, consultants and employees who now hold a 15%+ interest; Completion of the Company's Initial Period commitments in Blocks 40 and 41 of the frontier Zambezi basin, Zambia, with encouraging results; Application for new licences covering PEL0010 and other areas submitted to the Namibian Ministry of Mines and Energy following PEL0010 relinquishment notice being submitted by the Operator, Repsol; Drilling of the unsuccessful Badada-1 exploration well in the Block-2B, Anza Basin, onshore Kenya. Premier Oil plc (55%) and Tower (15%) have given notice to withdraw from the licence; Cost reductions including closure of regional East Africa office in Uganda and relocation of Tower's corporate office; and Appointment to the Board of highly experienced technical experts, Phil Frank as Independent Non-Executive Director and Nigel Quinton as Exploration Director.
Nigel said I need pay rise for my incomprehensible failieure for not finding a spoon of oil so graham said find a another one so he phoned his retired old friend to offer his job so he can get payrise and director roll it's not rocket science
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