Tower Resources Plc · LSE:TRP
Tower Resources — Investor Presentation (May 2009)
27 slides from Tower Resources's investor presentation, May 2009
Slide 1: Tower Resources plc (TRP): Exploring for Oil in Africa
Tower Resources plc (TRP) Exploring for Oil in Africa UGANDA onshore NAMIBIA offshore Blocks 1910A 1911 and 2011 NAMIBIA NAMIBIA Exploration Area 5 May 2009
Slide 2: Corporate Description
Corporate Description • Tower Resources (TRP) is an AIM-listed oil & gas exploration company focused on frontier areas of Africa • Tower Resources has attractive, high impact assets in highly prospective regions of Uganda (onshore) and Namibia (offshore). Both offer opportunity for company-making co
Slide 3: Management Team
Management Team Peter Kingston, Executive Chairman Peter Kingston is a Petroleum Engineer with more than 40 years of experience in technical, executive and advisory roles. He has been engaged in the oil and gas industry for over 20 years and has served as executive and non-executive director of seve
Slide 4: Asset Overview Table
Asset Overview Table Net Potential Recoverable Country Block / Prospect WI pre farmout E & P Phase Area (Km²) Operator Partner Resources 100% pre and 50% Global More than Uganda Onshore Block EA5 post farmout Expl 6,040 Tower Petroleum 200 mm bbl 100% pre and 15% Namibia Offshore 1910A, 1911, 2011A
Slide 5: Asset Introduction: Uganda
Asset Introduction: Uganda • Tower Resources 100% working interest in the highly prospective Block EA5 covering 6,000km². Part of the Albertine Rift Basin trend • Highly prospective region with Tullow Oil and Heritage Oil operating in the immediate vicinity 4 wells (2008) Discoveries: Kasamene • Reg
Slide 6: Asset Introduction: Namibia
Asset Introduction: Namibia • Tower Resources has a 15% working interest in three northern offshore exploration blocks – Licence 0010 • Acreage of 22,000km². Water depths range 200m – 3000m, and 1200 m over primary structural targets • 2D seismic interpretation completed over the whole licence revea
Slide 7: Block EA5 and Regional Context
Block EA5 and Regional Context • Part of highly prospective Albertine Rift system • Recent Buffalo/Giraffe successes in Block 1, (immediately south of Block 5) claimed to be 4 wells (2008) largest field in Uganda to date (300-400 million Discoveries: Kasamene bbls recoverable) Warthog Giraffe Buffal
Slide 8: Uganda Activity 2008/2009
Uganda Activity 2008/2009 RHINO CAMP Tullow (EA2) BASIN • Continuing programme of wells underway in north E IL N RT ARUA of Block 2 BE "u o 5 AL • Major Ngassa prospect currently being drilled 2 wells 2009 • Refinery development programme underway • 5 new discoveries to date in northern area of EA2
Slide 9: EA5 Geophysical Interpretation
EA5 Geophysical Interpretation • First phase gravity and seismic studies now completed • Large geological structures initially indicated by gravity model now confirmed by seismic results – close to oil kitchen • Presence of hydrocarbons and migration to structures confirmed by surface geochem sampli
Slide 10: Exploration Setting of Block 5
Exploration Setting of Block 5 The Sambia-Iti structure is a mid-graben faulted ridge, similar in extent and characteristics to the host structure of Warthog – Buffalo in Block 1. Kasamene, Warthog, Giraffe and Buffalo are major discoveries The structural conditions for Iti and Sambia appear to be s
Slide 11: Comparison of Block EA5 prospects with discoveries in Block 1
Comparison of Block EA5 prospects with discoveries in Block 1 Block 5 mid graben structure from seismic data • Section along the crest of the structural ridge • Hydrocarbon microseeps at Iti and Sambia Block 1 mid graben structure (from Heritage web site) • Similar size to Iti - Sambia structure • E
Slide 12: Hydrocarbons in Block 5
Hydrocarbons in Block 5 Micro seeps discovered 2008/2009 near Rhino Camp and adjacent to Iti-1 and Sambia-1 Geochemical analyses show – • Natural hydrocarbon microseeps present in Block 5, some local to drilling locations • Biodegradation markers indicate active or recent (1Ma) generation • Lateral
Slide 13: Prospect Summary
Prospect Summary Summary of exploration setting – Presence of hydrocarbons now demonstrated. Hydrocarbon generation demonstrated to be active or recent (1ma). Migration to Iti and Sambia demonstrated. Structure and seal similar to discoveries in Block 1. The first two wells, Iti-1 and Sambia-1, are
Slide 14: Uganda Development
Uganda Development • Tullow and Heritage have both announced that the threshold for development of Uganda discoveries has been surpassed. • There will be a regional oil gathering system probably near Lake Albert and a pipeline from the area to the end market. • The Uganda Government is likely to wan
Slide 15: Namibia Assets
Namibia Assets • Vast unexplored frontier territories Sintezneftgaz • Several oil companies operating in the Circle Chariot country Arcadia • Sintezneftgaz encountered gas 150 km Namcor north of Tower Licence Enigma • Stable democratic system of INA government Enigma Hunt Greendale • Contract stabil
Slide 16: Namibia Project Status
Namibia Project Status • Arcadia are currently funding and operating all activities • Interpretation of bought and new seismic data has identified four commercial scale prospects in the north of the Licence • Geochemical studies have confirmed maturity of four potential source rocks – some areas of
Slide 17: Gondwana 200 Million years ago
Gondwana 200 Million years ago Brazil Tupi, Sugar Loaf Jupiter discoveries Namibia Site of Walvis Ridge Passive margin deposition started upon opening of the South Atlantic
Slide 18: Opening of the South Atlantic
Opening of the South Atlantic Santos basin discoveries Block 1911 Aptian-Albian 110 MY Cenomanian 93 MY Turonian 90 MY Late Cretaceous 75 MY Hydrocarbon source rock distribution from 110 to 75 m years
Slide 19: Two Potential Mature Regional Sources
Two Potential Mature Regional Sources Mature source kitchens implied by geochem depth model correlate with distribution of sea floor gas hydrates ε Gas hydrates in sea floor core samples 100 km
Slide 20: al v Ba
Na m ib e Ba sin s fo rms n Tra W al v is Ba s in and migration
Slide 21: Blocks and Structural Prospects
Blocks and Structural Prospects CHARIOT 3 4 2007 survey
Slide 22: Namibia: Past Exploration Shows Prospectivity
NAMIBIA Past Exploration Shows Prospectivity • 2 wells drilled by Norsk Hydro 1911/10-1 and 1911/15-1 • Both wells bottomed in Lower Cretaceous volcanics • Well developed sandstone reservoirs at three levels • Encountered source rocks at three horizons • No test of deeper Cretaceous or Jurassic • Re
Slide 23: Current Overview of Namibia Licences
Current Overview of Namibia Licences • Tower carried interest 15% in three blocks located on the Walvis ridge, the highest structural point between Angola and South Africa • Blocks of 22,000 sq Km area encompass a huge regional structural closure 200 Km long by 60 Km wide containing at least four la
Slide 24: Prospect DELTA Overview
Prospect DELTA Overview • Excellent quality data • Structural trap – 4 way closure with strong Class 2 and Class 3 positive AVO anomalies • Indicated good quality reservoirs which would support high level production • AVO risk mitigated • Potential World Class light oil and condensate field • Estima
Slide 25: Namibia AVO Analysis Structure Delta
Namibia AVO Analysis Structure Delta 25 km Structure Delta
Slide 26: Prospects Alpha, Beta, Gamma
Prospects Alpha, Beta, Gamma Scoping reserves upside • Alpha potential 800 mmbo recoverable • Beta possibly 200 mmbo recoverable • Gamma possibly 4500 mmbo recoverable Above figures heavily discounted by 50% on reservoir and again by a further 80% on all geological parameters
Slide 27: Achievements to Date and Forward Plan
Achievements to Date and Forward Plan Geochemical and Ugandan farm-in Preparation of EA5 First well on Block *Second well on Block *commencement seismic negotiations well sites and receipt EA5 spudded (Iti 5 spudded (Sambia of further EA5 interpretation complete and rig of government prospect) 100mm