Last 0.63 GBp
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As of 5:27 AM 11/27/14 All times are local (Market data is delayed by at least 15 minutes).

tower resources plc (TRP) Snapshot

0.65 GBp
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03/7/14 - 7.23 GBp
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11/18/14 - 0.55 GBp
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-0.02 GBp
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tower resources plc (TRP) Details

Tower Resources plc operates as an independent oil and gas exploration company in Africa. The company principally holds 30% working interest in 3 contiguous exploration blocks covering an approximately 23,000 square kilometers of area located in offshore Namibia; 80% interest in 2 onshore blocks covering approximately 6,946 square kilometers of area in Zambia; and 20% carried interest in Marovoay Block-2102, covering approximately 8,444 square kilometers of area onshore Madagascar. It also has a 50% interest in 3 exploration licenses, including Guelta and Bojador blocks covering approximately 60,058 square kilometers of area; and Imlili block covering approximately 16,695 square kilometers of area in the Saharawi Arab Democratic Republic. The company is based in London, the United Kingdom.

tower resources plc (TRP) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: $309.8K
Compensation as of Fiscal Year 2013.

tower resources plc (TRP) Key Developments

Tower Resources plc Provides Drilling Updates

Tower Resources plc notes the announcement dated October 8, 2014 from the operator, Taipan Resources Inc. regarding the signing of a Letter of Intent with the Greatwall Drilling Company of China to contract the GW-190 land rig for the planned Badada-1 well (Tower 15% working interest) onshore Block-2B, Kenya. The Badada-1 well is expected to spud between mid-December 2014 and mid-January 2015 and is expected to take approximately 70 days to drill. The Badada-1 well is a potential play-opener. It will test the first of several prospects and leads in Block-2B that are potentially analogous to prospects in the Lokichar Basin where Tullow Oil and Africa Oil have enjoyed multiple oil discoveries in the Tertiary Rift sequence. The well is planned to be drilled to a total depth of between 3,000 and 4,500 metres to test primary Tertiary age reservoirs and, dependent upon results, secondary upper Cretaceous age reservoirs. Tower's management estimate gross unrisked prospective resources for this well range from 402mmboe (P10) to 16mmboe (P90) with a Pmean of 169mmboe. This compares to Taipan's estimate of gross mean unrisked prospective resources of 251mmboe. Tower's management believe this difference reflects a more conservative approach to the extent of the Badada structure, but also recognise there is considerable upside potential in Block-2B, both in terms of additional zones within the Badada prospect and the possible extent of the trap as well as in the multiple follow-on prospects and leads in the block. If the Badada-1 well is successful it will de-risk many other prospects and leads within Block-2B and provide important information about the detailed geological evolution of the Anza Basin to aid future exploration. The follow-on exploration potential of just the four prospects and leads immediately adjacent to the Badada prospect is estimated to be an additional 405mmboe of gross mean unrisked prospective resources by Taipan, with a range from 890mmboe (P10) to 104mmboe (P90) as verified by Sproule. A total of nineteen prospects and leads have been identified in the block so far with total estimated gross mean unrisked prospective resources of 1,593mmboe reported by Sproule. Tower is currently updating its own view on the potential upside in the Block and will provide further guidance once this work is complete. Preparations at the well site are already underway with a number of auxiliary services and long-lead items already contracted. Gross well costs remain estimated at $20 to $25 million ($3.0 to $3.75 million net to Tower). The company will provide a further update upon the formal contracting of the GW-190 rig and mobilisation to the Badada-1 drill site and other operational progress in due course.

Tower Resources PLC Reports Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2014

Tower Resources PLC reported unaudited consolidated earnings results for the six months ended June 30, 2014. For the period, the company reported group operating loss of $49,083,030 compared to $2,404,828 for the last year. Loss before taxation was $49,077,518 compared to $2,508,299 for the last year. Loss attributable to equity holders of the company was $49,077,518 or 1.51 cents per basic and diluted share, compared to $2,508,299 or 0.15 cents per basic and diluted share for the last year. Net cash used in operating activities was $1,294,410 compared to net cash from operating activities of $520,719 for the last year. Funds used in exploration and evaluation were $11,720,040, compared to $7,708,966 for the last year.

Tower Resources PLC Provides Update with Respect to the Welwitschia-1A Well on PEL0010, Offshore Namibia

Tower Resources PLC provided update with respect to the Welwitschia-1A well on PEL0010, offshore Namibia. The Rowan Renaissance drillship commenced drilling operations on PEL0010 on 23 April 2014 and the Welwitschia-1A well spud on 1 May 2014. Repsol Exploration (Namibia) (Pty) Limited ("Repsol"), the Operator of Namibia PEL0010 (Repsol 44% working interest, Tower 30% working interest), has confirmed that the firm commitment well reached total depth of 2,454 metres TVDRT (Total Vertical Depth Below Rotary Table). Logging evaluations indicate that the Palaeocene, Maastrichtian and upper Campanian section reservoirs were less well-developed than prognosed and no hydrocarbons were encountered. Drilling has been behind schedule initially owing to late rig-delivery and operational issues during drilling and logging, including the onset of winter weather conditions. Current expectations from the Operator are that costs will now be around 10% in excess of the $91 million gross firm well budget.


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