Business
Final Results to 31 Dec 2007
Final Results to 31 Dec 2007.
About this update from Tower Resources Plc
[{"type":"text","content":"\n Tower Resources PLC\n08 April 2008\n\n\nPress Release\n\n\nFor immediate release: 08 April 2008\n\n\n Tower Resources Plc\n\n Final Results for the 12 Months Ended 31 December 2007\n\n\nTower Resources plc ('Tower' or 'the Company'), the AIM-listed oil and gas\nexploration and production company today announces its final results for the 12\nmonths ended 31 December 2007.\n\n\nHighlights:\n\nUganda\n- 2D seismic survey completed early 2008\n- Two wells planned to be drilled in 2008\n- Costs largely covered by farmout agreement\n\nNamibia\n- 2D seismic survey completed\n- Giant structures identified as viable exploration targets\n- First exploration well may now be drilled in 2009\n- Costs covered by farmout agreement\n\nCommenting on the results, Peter Kingston, Executive Chairman of Tower said:\n\n'Year 2007 saw progress with seismic surveys in Uganda and Namibia and Tower\nResources is now entering an exciting 1-2 year period during which the potential\nof its current two Licences in Namibia and Uganda will be tested by wells. The\npotential of each licence is such that a successful exploration well in either\nwould be classed as a 'company maker'.\n\nThe Board is also hoping to add a limited number of new ventures during the\ncourse of 2008.'\n\n\nFor further information, please contact:\n\nTower Resources plc www.towerresources.co.uk\nPeter Kingston, Executive Chairman 01985 211780\n\nBlue Oar Securities 020 7448 4400\n\nAquila Financial Limited www.aquila-financial.com\nPeter Reilly 0118 979 4100\n\n\n\nTOWER RESOURCES PLC\n\nCHAIRMAN'S STATEMENT\n\nYear 2007 saw progress with seismic surveys in Uganda and Namibia. The Namibia\nseismic data was collected in August and early September 2007 and is in the\nfinal stages of interpretation. A forward programme will be recommended by the\noperator, Arcadia, by the end of April 2008. There is a reasonable chance that a\nwell will be drilled in 2009. Seismic operations in Uganda have been much more\ncomplex given its onshore location in the far northwest region of the country.\nThe survey was completed successfully on 12 February 2008 and detailed\nprocessing of the data is currently underway. A forward programme is expected to\nbe agreed in May, with two wells currently expected to be completed before the\nend of 2008.\n\nSignificantly, Tower completed negotiations with partners ...