Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTower Resources Regulatory News (TRP)

Share Price Information for Tower Resources (TRP)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.0155
Bid: 0.015
Ask: 0.016
Change: 0.00 (0.00%)
Spread: 0.001 (6.667%)
Open: 0.0155
High: 0.0155
Low: 0.0155
Prev. Close: 0.0155
TRP Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Application to Continue Exploration in Uganda EA5

23 Mar 2010 07:00

RNS Number : 9835I
Tower Resources PLC
23 March 2010
 



 

 

 

PRESS RELEASE 23 March 2010

 

Tower Resources plc

("Tower" or the "Company")

 

Neptune Petroleum applies to continue exploration in Uganda EA5 for another two years

 

Tower Resources plc announces that its wholly owned subsidiary Neptune Petroleum (Uganda) Limited, has applied to the Minister of Energy and Mineral Development, the Government of Uganda, to continue exploration of Licence EA5 into the Third Exploration Period. This period extends from March 27th 2010 until March 26th 2012. The forward programme will comprise geophysical activity as the next stage of operations, followed by a further exploration well, and this work programme together with relinquishment obligations are being discussed with government technical specialists. Agreement to proceed with the exploration programme is expected soon.

 

The Tower Board has concluded that the information from the first two exploration wells on EA5 demonstrates considerable exploration potential still exists in the Licence.

 

Avivi-1 encountered thick sequences of organic rich sediments which are likely to represent good mature source rocks in the deeper areas of the basin. The thick clays should also provide very effective trap sealing properties. Wireline logs and water samples demonstrate that the Avivi structure is water bearing but mid-mature oil was entrained in the sampled water confirming that oil has been generated in the Licence and is currently migrating. The composition of this oil is similar to that of oil recovered from Iti-1 and surface oil samples. Pressure data from Avivi-1, when combined with pressure data from Iti-1, is consistent with a possible oil accumulation at Iti-1 in low permeability reservoir sand. The uncertainty related to generation and migration of oil in the Rhino Camp Basin has, therefore, been significantly de-risked.

 

The lack of good quality reservoir at either well location increases the emphasis on identifying structures in the deepest area of the basin, where the chances of encountering better reservoir are improved. This can only be achieved by substantially increasing seismic coverage in the areas of greatest interest, which will be addressed in the forward work programme.

 

Most of the funding for the programme in the Third Exploration Period is expected to come from third parties and the Board is confident that this can be achieved. The company expects to have cash of about $3.5 million after well costs are satisfied and this is sufficient to meet costs for the immediate future. Subject to Government approval and availability of equipment, Neptune is aiming to undertake an aero-gradiometry survey over the area of greatest interest as soon as possible, to improve structural definition, and intends to fund this programme from available cash resources.

 

Namibia

 

The Namibian 3-D seismic survey is now scheduled to begin early in May but it is still expected that processing and interpretation can be completed around the end of 2010. There is no change to the estimated end 2011 date for drilling the first exploration well. There will likely be growing focus on the northern area of Namibia and the prospectivity of the 0010 Licence during 2010.

 

Peter Kingston, Tower's Executive Chairman commented: "The Tower Board has had no hesitation in deciding to continue with its exploration programme in Uganda for another two years. In particular, it is pleased that there is growing evidence of the presence of mature oil in the EA5 Licence. This is typical exploration progress, with valuable information being gained from each phase of activity which suggests that there is still everything to play for. The Board is also encouraged that exploration in Namibia is moving closer to well drilling programmes and the ultimate test of exploration potential in the area."

 

In accordance with AIM guidelines, Peter Kingston, who is a petroleum reservoir engineer with over 40 years experience in technical, executive and advisory roles in the oil exploration and production industry, and is Executive Chairman of the Company, is the qualified person that has reviewed and approved the technical information contained in this announcement. 

 

For more information on Tower Resources, please visit; www.towerresources.co.uk

 

Contacts:

 

Astaire Securities (NOMAD and Joint Broker)

020 7448 4400

Jerry Keen / Lindsay Mair

Westhouse Securities (Joint Broker)

020 7601 6100

Tim Feather

Walbrook PR

020 7933 8780

Paul McManus / Louise Goodeve

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCPGUWUWUPUGRP
Date   Source Headline
10th Oct 20177:00 amRNSOperational Update - Cameroon
29th Sep 20172:03 pmRNSInterim Results
11th Aug 20174:48 pmRNSResults of Annual General Meeting
7th Aug 20172:00 pmRNSResults of Open Offer and Director's Dealing
14th Jul 20177:00 amRNSOpen Offer and Notice of AGM
10th Jul 20175:46 pmRNSHolding(s) in Company
30th Jun 20173:03 pmRNSResult of Placing and Directors' Dealings
30th Jun 20171:55 pmRNSPlacing, Intended Open Offer and Prelim Results
12th May 20177:30 amRNSSuspension - Tower Resources Plc
12th May 20177:00 amRNSSuspension of Trading on AIM
6th Feb 20178:54 amRNSHolding(s) in Company
31st Jan 20179:01 amRNSHolding(s) in Company
24th Jan 20177:00 amRNSSale of Comet Petroleum Limited
11th Nov 20167:00 amRNSPDMR Share and Option Transfer
4th Nov 20161:20 pmRNSChange of Registered Office
31st Oct 20164:03 pmRNSHolding(s) in Company
28th Oct 20167:00 amRNSDirectorate Changes
27th Oct 20163:17 pmRNSHolding(s) in Company
20th Oct 201611:27 amRNSResults of Open Offer and General Meeting
3rd Oct 20167:00 amRNSOpen Offer and Notice of General Meeting
14th Sep 20165:44 pmRNSHolding(s) in Company
9th Sep 20163:53 pmRNSHolding(s) in Company
9th Sep 20163:50 pmRNSHolding(s) in Company
8th Sep 20168:15 amRNSCompletion of Placing and Directors' Dealings
8th Sep 20167:00 amRNSProposed Placing and Interim Results
31st Aug 20162:59 pmRNSHolding(s) in Company
31st Aug 20162:59 pmRNSHolding(s) in Company
26th Aug 20164:49 pmRNSHolding(s) in Company
26th Aug 20164:47 pmRNSHolding(s) in Company
29th Jul 20169:00 amRNSHolding(s) in Company
4th May 20165:03 pmRNSHolding(s) in Company
13th Apr 20161:30 pmRNSDirectors' Purchase
8th Apr 201612:35 pmRNSCorporate Presentation
6th Apr 20162:56 pmRNSResult of AGM
31st Mar 201611:15 amRNSDirector Share Transfer
16th Mar 20167:00 amRNSGrant of Options
14th Mar 20163:59 pmRNSPosting of Annual Report and Notice of AGM
7th Mar 20167:00 amRNSPreliminary Results to 31 December 2015
16th Feb 20167:00 amRNSSouth Africa Update
5th Feb 20167:00 amRNSDirectorate Change
19th Jan 20162:30 pmRNSHolding(s) in Company
19th Jan 20162:30 pmRNSHolding(s) in Company
9th Dec 20157:00 amRNSIssue of Equity
30th Nov 20153:32 pmRNSHolding(s) in Company
26th Oct 201511:14 amRNSCorporate Presentation
22nd Oct 20152:08 pmRNSHolding(s) in Company
9th Oct 20153:49 pmRNSPosting of Interim Report and Accounts
30th Sep 20157:00 amRNSOperational Update and Interim Results
30th Sep 20157:00 amRNSDirectorate Change
16th Sep 20157:00 amRNSSignature of Thali PSC, offshore Cameroon

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.