Tower Resources close to completing survey over Uganda licence

Tuesday, Jun 29 2010 by
1
Tower Resources close to completing survey over Uganda licence

Tower Resources (LON:TRP), the AIM listed oil and gas explorer with licences in Uganda and Namibia, said this morning that an gravity gradiometry survey over its acreage in Uganda was around 66% complete, having collected data over 5,586km during the course of 13 days towards its target area of 8,437km. In a statement ahead of its annual general meeting, Tower said the interpreted data should be available within two to three weeks of completion will be used to determine the proposed seismic programme on its EA5 licence.

In Namibia, the seismic vessel, “Geowave Master”, arrived on location on June 28 and is preparing to begin a 3D seismic acquisition programme. A Competent Person's Report, providing an independent assessment of the resources in Tower’s 0010 licence, should be finalised within the next week.

Last week, Tower has agreed a new deal with its partner Global Petroleum (LON:GBP) over how future drilling work in Uganda would be funded. Tower and Global have been working together on the licence since December 2008, when Tower gave Global the right to earn a 50% interest in the licence by funding two exploration wells. The wells that followed at Iti-1 and Avivi-1 were both unsuccessful, although Tower said the latest well information demonstrated that “considerable exploration potential still exists in the licence”. Also last week, the company said that a number of third parties were reviewing the data from the partially completed gravity gradiometry survey with a view to proposing funding of the future seismic programme and the commitment well.

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Tower Resources plc is an upstream oil and gas exploration company. The Company has exploration projects in Cameroon, South Africa, Zambia, and Sahawari Arab Democratic Republic (SADR). The Company has two segments: Africa and Head Office. The Company is an operator of international licenses with a focus on projects in Africa. It holds an interest in Thali Production Sharing Contract (PSC) in Cameroon, which covers an area of approximately 120 square kilometers (kms) and lies in the prolific Rio del Rey basin, in the eastern part of the Niger Delta. It holds an interest in Algoa-Gamtoos license, South Africa, which covers an area of approximately 11,800 square kms. It also holds an interest in the offshore Guelta and Imlili blocks, and the onshore Bojador block in the SADR, which covers an area of approximately 72,700 square kms. It has interests in blocks 40 and 41 of the frontier Zambezi Basin, which covers an area of approximately 6,950 square kms. The Company has no revenues. more »

LSE Price
0.725p
Change
 
Mkt Cap (£m)
4.2
P/E (fwd)
n/a
Yield (fwd)
n/a

Global Petroleum Limited is an Australia-based oil and gas, upstream exploration company, which focuses on Africa and the Mediterranean. The principal activities of the Company consist of oil and gas exploration, development and production. The Company's principal assets are two exploration blocks located offshore Namibia. The Company's project includes Namibian Project. The Namibian Project holds interest in petroleum exploration license number 29 (License) covering Offshore Blocks 1910B and 2010A in the Republic of Namibia. The License covers approximately 11,730 square kilometers and it is located offshore Namibia in water depths ranging from 1,300 meters to 3,000 meters. It intends to seek license positions in frontier exploration areas in Africa and the Mediterranean, and potentially other frontier basins, either directly through license rounds, joint venture arrangements or acquisition. Its subsidiaries include Global Petroleum UK Limited and Jupiter Petroleum Limited. more »

LSE Price
1.75p
Change
 
Mkt Cap (£m)
2.3
P/E (fwd)
n/a
Yield (fwd)
n/a



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