Tower Resources Spies Hydrocarbons in Namibia



Tower announced its final results for the 12 months ended December 31, 2010.

Highlights:

  • Namibia
    • Independent Competent Persons Report (CPR) in mid-2010 confirmed huge potential based on 2-D seismic
    • 3-D seismic survey interpretation has been completed since the year end and confirmed clear structural closure, sustained reservoir thickness and direct hydrocarbon indicators at the main Maastrichtian prospect level
    • A recently identified Albian age reservoir may be significant.
    • 3-D AVO interpretation fine tuning still in process but near completion
    • CPR update incorporating full 3-D interpretation underway and due for completion by end-June 2011
    • Financial and operational planning activities in progress with a view to drilling early in 2012
  • Uganda
    • Prospectivity of EA5 has been enhanced by the results of an aero gravity gradiometry survey
    • A probable oil generation kitchen has been identified
    • A large high structural area has also been identified where reservoir quality may be productive
    • A seismic survey is ready to begin so that a well can be drilled before the end of 2011

Commenting on the results, Peter Kingston, Executive Chairman of Tower said, "The 3-D seismic data acquired in Namibia has confirmed the exciting potential in the Delta Maastrichtian reservoir with very strong hydrocarbon indications being seen. A second potentially significant reservoir has been identified in a formation of Albian age and the secondary leads have been confirmed to be present. A well early in 2012 will finally test one of the world-class, multi-billion barrel resource potential prospects in the Company's Namibian License. While Namibia can transform Tower as a company, I am pleased that Uganda may still deliver substantial shareholder value from a well in the second half of this year. The next year promises to be one of the most exciting of my professional career."


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