Business
Company Activity Update
Company Activity Update.
About this update from Tower Resources Plc
[{"type":"text","content":"\n Tower Resources PLC\n18 July 2006\n\n\nTower Resources plc\n\nFor immediate release: 18 July, 2006\n\nTower Resources plc\n\nUpdate on Company Activities\n\nTower Resources plc ('Tower' or 'the Company') (AIM code: TRP), the AIM-listed\nindependent oil and gas exploration company with exploration licences in Uganda\nand Namibia, is pleased to provide an update on the Company's African projects.\nThese assets were acquired by Tower in a merger with Neptune Petroleum Limited\napproved by shareholders on 16 January, 2006. We are pleased to report that good\nprogress has been made with technical evaluation work in both Uganda and \nNamibia, enhancing the potential of both assets.\n\nIn Uganda, a detailed interpretation of gravity-magnetics ('G-M') survey data\npreviously recorded across Tower's Block EA5 has been completed, along with a\ngeo-chemical study to assess basin maturity. The results are very encouraging,\nindicating sediments up to 3.5 km thick within the graben area of EA5, which\nshould be mature for hydrocarbon generation below a depth of approximately 2,000\nmetres. Additional G-M data is planned to be acquired during the forthcoming dry\nseason (September-October) to supplement the existing database. However the\nresults to date have offered sufficient confidence for farmout activities to\nbegin.\n\nThe Board of Tower believe that conditions for oil generation and entrapment in\npermeable reservoirs in Block 5 are similar to those in Block 2, where the\nrecently-publicised oil discoveries of the Hardman-Tullow oil consortium are\nlocated, about 100 miles (160 km) south-west of Tower's Block 5 along the same\nUgandan rift trend. Testing of the Waraga-1 discovery well in Block 2 has just\nbeen completed with the well producing at cumulative rates in excess of 12,000\nbopd over three intervals.\n\nIn Namibia, detailed interpretation of almost 10,000 km of purchased 2D seismic\ndata across the licence area (Blocks 1910A, 1911 and 2011A) has been completed.\nA geo-chemical study to assess source rock maturity and a sea surface oil seeps\nsurvey, by satellite imaging, are nearing completion. The seismic interpretation\nresults are most encouraging identifying numerous leads in several geological\nsettings. Many of the structures identified are of commercial significance with\na few structures capable of containing prosp...