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Namibia and Uganda Update
Namibia and Uganda Update.
About this update from Tower Resources Plc
[{"type":"text","content":"\n RNS Number : 4978U Tower Resources PLC 15 May 2008 \n \n15 May 2008\nTower Resources Plc\n('Tower' or 'the Company')\n\nNamibia and Uganda Update\n\n\n\nTower Resources plc is pleased to provide the following update on its exploration activities in Namibia and Uganda. \n\nIn Namibia seismic interpretation has confirmed the presence of giant structures which could contain 10 billion barrels, unrisked, from three prospects. In Uganda processing and interpretation of seismic is continuing and a well is being planned before the end of 2008.\n\nNamibia: Seismic Interpretation Completed\nTower Resources announces that Arcadia Petroleum Limited, as operator of Licence 0010 in northern offshore Namibia, in which Tower retains a 15% carried interest, has completed the interpretation programme subsequent to the 2-D seismic acquisition survey shot in September 2007. The results confirm the presence of giant structures and indicate a significant probability that these would be oil bearing. Arcadia has calculated that, on a heavily discounted basis for reservoir parameters which contribute to volume, reserve potential is of the order of 10 billion barrels in three giant prospects. Large volumes of associated gas would also be present. These volumes have not been further discounted for exploration risk, however, the AVO (Amplitude Variation with Offset) analysis and geological modelling has been very rigorous providing significant comfort that the chance of success is favourable in terms of global success rates. A presentation has today been posted on the Tower website which provides pictorial seismic and AVO data which supports these exciting conclusions.\n\nThe main factors underlying the interpretation are as follows:\n\n\nFour way dip closure has been confirmed on the Alpha structure indicating a maximum area of more than 600 square kilometres\n\n\nFour way dip closure is indicated on the Gamma structure which, if confirmed, would define a prospect having an area of more than 1700 square kilometres\n\n\nAVO analysis and geological modelling have pointed to three sandstone reservoirs up to 50 metres thick which correlate with sandstones in the ...