Business
Interim results
Interim results.
About this update from Tower Resources Plc
[{"type":"text","content":"\n RNS Number : 3172T Tower Resources PLC 27 September 2010 \n \n\n \n \n27th September 2010 \n \nTower Resources plc (\"Tower\" or \"the Company\") (AIM:TRP)\nInterim Results for the six months ended 30 June 2010\n \nTower Resources plc, the oil and gas exploration company with interests in sub-Saharan Africa, principally in Namibia and Uganda, has today announced interim results for the six months ended 30 June 2010.\n \nThe year to date has seen some important and positive developments:\n \nNamibia - Licence 0010\n \n· A 1580 sq km 3-D seismic programme in Namibia Licence 0010 over the Delta prospect has been completed and data quality is excellent\n· An independent Competent Persons Report (\"CPR\") has confirmed the potential of Licence 0010 in three simple large structures, Alpha, Gamma and Delta\n· The CPR estimates that a firm prospect at one geological level of Delta has a 26% chance of discovering 2.4 billion boe recoverable and, in a secondary lead, an 8% chance of discovering 2.1 billion boe recoverable\n· Leads in Alpha and Gamma have estimated unrisked prospective resources of 2.6 billion boe recoverable\n· Total EMV for the Tower 15% share of Licence 0010 has been estimated as US$696 million (£0.44/share)\n· A first well in Namibia is on target for early 2012\n \nUganda - Licence EA5\n \n· Interpretation of all well and Licence data points to a working petroleum system in EA5 which makes further exploration attractive\n· The company drilled Avivi-1, its second Uganda well in EA5 as a dry hole\n· The Company has entered the 3rd Exploration Period to drill a third well\n· An aero gravity gradiometry survey has been completed over the whole of EA5 and early interpretation has revealed some possible significant prospects\n \nThe Company reported a loss for the period of $821,099 (first half 2009 $264,789).\n \nTower Resources Executive Chairman, Peter Kingston, commented:\n \n\"The completion of the 3-D seismic programme in Namibia is an important miles...