Tower Resources plc (“Tower” or “the Company”)
Tower [AIM:TRP], an international oil and gas exploration company, headquartered in London, traded on the London Stock Exchange Alternative Investment Market, today announces its Interim Results for the six months ended 30 June 2006.
Tower Resources has continued to make good progress with its exploration evaluation activities in both Uganda and Namibia.
- Recent oil discoveries have established Uganda as a new oil province
The results of technical work, including gravity/magnetic mapping and geochemical analysis, have been very positive, supporting the Company’s prediction that the prospective region of Block 5 contains mature source rocks and significant structural closures. The recent discoveries by Hardman and Tullow in Block 2 100 miles to the south has provided added encouragement.
- Evaluation work on Namibian interests has confirmed commercial potential
A major interpretation study of seismic data over the Company’s Namibian offshore licence has been completed showing multiple structures of potentially commercial significance. Geochemical analysis has confirmed the presence of a number of potentially mature source rocks. More advanced seismic investigation is being undertaken and an intensive farm out programme should be ready to start within the next two months.
Russell Langusch, Executive Director, commented: Tower is making good progress in evaluating its two African licences and is greatly encouraged by the positive results of evaluation work to date. We look forward to introducing partners to assist in meeting forward operational commitment in the coming months.