Tower Resources plc ("Tower" or "the Company") (AIM:TRP)
Tower Resources plc, the oil and gas exploration company with interests in sub-Saharan Africa, principally in Uganda and Namibia, has today announced interim results for the six months ended 30 June 2008.
The year to date has seen some important technical and operational developments:
Namibian potential has been confirmed to be of world class scale
Seismic analysis and geochemical sampling in Uganda EA5 have demonstrated the probability of an active oil source and migration system
Oil samples recovered in EA5 are similar in composition to other seeps in the rift
Two wells in EA5 are being planned for the first quarter of 2009
Discussions with one company are well advanced for that company to farm in to the Licence in Uganda to earn a 25% interest and an active farm out programme is underway with a number of other parties to meet the balance of funding for the two commitment wells
As expected the Company reported a loss for the period of £358,828 (2007 £494,428).
Tower Resources Executive Chairman, Peter Kingston, commented:
"It is very exciting to be involved in two high impact projects at the same time, either of which would transform your Company’s value in the event of success. Neptune Uganda, Tower’s 100% owned subsidiary, is now less than six months away from drilling its first well in Uganda. Two wells are to be drilled and these will provide the first definitive test of value from the Uganda venture. The Namibia seismic evaluation has revealed multi-billion barrel potential in the Tower Licence and a programme of further seismic acquisition and interpretation is currently underway to thoroughly evaluate the chances of success. Drilling in Namibia is now expected to occur in 2010.
Nearly three years ago, Neptune Petroleum acquired two Licences in sub-Saharan Africa. The Company has now evaluated the potential of each and both have company making potential."
Full press release [143KB]