Tower Resources wraps up 3D seismic survey over acreage in Namibia

Wednesday, Sep 08 2010 by
Tower Resources wraps up 3D seismic survey over acreage in Namibia

Tower Resources (LON:TRP), the oil and gas exploration group active in Uganda and Namibia, this morning reported that it had finished a 3D seismic survey in Namibia and that “excellent” quality data was on course to be processed and interpreted by early 2011. Elsewhere, processing of data gathered during an aero gravity gradiometry survey in Uganda, which completed in mid June 2010, is near completion and a final interpretation is expected around the end of September when planning for a subsequent seismic survey can then be finalised. The news was enough to lift the company’s shares by 4.7% to 3.35p in early trading.

Peter Kingston, the chairman of Tower Resources, said: “This update confirms that current operations are on schedule and that the quality of information being obtained is likely to enhance interpretation of both the Namibia and Uganda Licences.”

In July, Tower reported the conclusions of an independent technical report which looked at historic seismic and well data of the acreage in Namibia to calculate net risked potential resources of 170 million barrels of oil equivalent with an expected monetary value of US$696m. The previous month the company 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 EA5 licence in Uganda since December 2008, when Tower gave Global the right to earn a 50% interest 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”.

Unlock this article instantly by logging into your account

Don’t have an account? Register for free and we’ll get out your way

Disclaimer:  

As per our Terms of Use, Stockopedia is a financial news & data site, discussion forum and content aggregator. Our site should be used for educational & informational purposes only. We do not provide investment advice, recommendations or views as to whether an investment or strategy is suited to the investment needs of a specific individual. You should make your own decisions and seek independent professional advice before doing so. Remember: Shares can go down as well as up. Past performance is not a guide to future performance & investors may not get back the amount invested. ?>


Do you like this Post?
Yes
No
0 thumbs up
0 thumbs down
Share this post with friends



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
0.715p
Change
-4.7%
Mkt Cap (£m)
4.4
P/E (fwd)
n/a
Yield (fwd)
n/a



  Is LON:TRP fundamentally strong or weak? Find out More »


Please subscribe to submit a comment




About Stockopedia News

Stockopedia News

Stockopedia News Bulletins aim to report on stories and companies that are relevant to and popular with online investors.  It's a free service provided to registered users of Stockopedia. 



Stock Picking Tutorial Centre


Related Content
Malcys Oil Report  FOG TRP
Malcy's Oil Report - FOG, TRP
LON:FOG 15th Jul '15

Malcys Oil Report  SLE TRP
Malcy's Oil Report - SLE, TRP
LON:SLE 26th May '15

Welwitschia1A well  Namibia
Welwitschia-1A well - Namibia
LON:TRP 15th Jan '15

Chariot Oil and Gas
Chariot Oil and Gas
LON:CHAR 29th Dec '13



Let’s get you setup so you get the most out of our service
Done, Let's add some stocks
Brilliant - You've created a folio! Now let's add some stocks to it.

  • Apple (AAPL)

  • Shell (RDSA)

  • Twitter (TWTR)

  • Volkswagon AG (VOK)

  • McDonalds (MCD)

  • Vodafone (VOD)

  • Barratt Homes (BDEV)

  • Microsoft (MSFT)

  • Tesco (TSCO)
Save and show me my analysis