Business
Interim Results to 30 June 20
Interim Results to 30 June 20.
About this update from Tower Resources Plc
[{"type":"text","content":"\n RNS Number : 8345Z Tower Resources PLC 29 September 2009 \n \n\n\nPRESS RELEASE\n\n29th September 2008 \n\nTower Resources plc ('Tower' or 'the Company') (AIM:TRP)\n\nInterim Results for the six months ended 30 June 2009\n\nTower 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 2009.\n\nThe year to date has seen some important technical and operational developments:\n\n\n\nThe company drilled Iti-1, its first Uganda well in EA5\n\n\nInitial reports suggested the Iti-1 well had encountered no reservoir sands and it was therefore abandoned in June 2009 \n\n\nRe-evaluation of the Iti-1 well data by independent specialists identified 15-20 metres of net reservoir sand having significant potential to contain oil\n\n\nA second well is to be drilled in EA5 in the first quarter of 2010\n\n\nA fund raising of £7,000,000 (before expenses) allows Tower to fund the second EA5 well entirely but partners are expected to be participating.\n\n\nA 1580 sq km 3-D seismic programme in Namibia Licence 0010 is contracted to begin before end 2009 \n\n\nThe Delta prospect is now the focus of evaluation and has reserve potential of 3 billion barrels \n\n\n \nAs expected the Company reported a loss for the period of $264,789 (first half 2008 $358,828).\n\nTower Resources Executive Chairman, Peter Kingston, commented:\n\n'We are very pleased that independent specialists have reviewed the results of Iti-1 and interpreted a net reservoir interval of 15-20 metres with significant potential to contain oil. While realising any value from the Iti structure would require further drilling, this also demonstrably raise the potential from the rest of the Licence where significant sized structures are predicted to exist. The Board has great confidence in the remaining prospectivity of the Company's prospects and directors have substantially contributed to the recently announced fundraising to remove any funding risk in respect of the second EA5 well.\n\nContinuing Namibia seismic evaluation has confirmed multi-billion barrel potential in the Licence&nbs...