Fenster schließen  |  Fenster drucken

also IMO ist das Unternehmen, zumindest jetzt, eine High Risk Angelegenheit, aber trotzdem ernstzunehmen:

Tower Resources Confirms May Spud Date For Key Uganda Well - Oilbarrel - Apr 8, 2009

"Shares in Tower Resources have enjoyed a mini-rally in recent months, with another 11 per cent gain in morning trading on Wednesday as the company confirmed a rig contract for its first well in Uganda. The MBU-125 land rig will mobilize from Sudan to drill the Iti-1 well in EA5 licence in northwest Uganda, arriving at the well site in early May. This would see the wildcat start drilling in mid-May in a further test of the Albertine Graben, which has proved so prolific for fellow explorers Tullow Oil and Heritage Oil.

It is, of course, the success of those two companies, which have clocked up a 100 per cent strike rate and are on track to unearthing a billion barrel resource on their Lake Albert licences, that has sparked such investor interest in Tower’s otherwise high risk venture. No doubt mindful of the transformational impact of the Tullow/Heritage campaign, investors backed Tower’s fundraising efforts in January, which was increased from £360,000 to £500,000. The fundraising involved the placing of 25 million new ordinary shares with institutional investors at a price of 2 pence per placing share.

The sudden arrival of Uganda on the oil and gas map is also behind the decision of ASX-listed Global Petroleum to farm-in for a 50 per cent stake in EA5 in return for funding two exploration wells. The farm-in, key to getting these commitment wells drilled before the licence deadline of March 2010, was inked in December, providing some relief after the previous partner Orca Exploration pulled out. Global has, however, cannily capped its exposure to the exploration campaign, with a US$7.5 million ceiling on the first well and the right to opt out of the second well and thereby limit its equity in the block to 25 per cent or withdraw all together from the licence. A decision on whether to fund the second well, expected to be Sambia-1, will be taken once the results of the first well have been digested.

There is, therefore, a lot resting on the upcoming well for Tower Resources and its backers. A dud well and the company will likely see itself facing a funding gap for that second well – and filling that gap in the current market on the back of a duster would be a real challenge. Success, however, would transform this company from a frontier explorer to a company with a substantial stake in what is emerging as one of the industry’s hottest E&P plays. Iti-1 lies 80 km north of the Tullow and Heritage discoveries in Blocks 1 and 2 north of Lake Albert, where some of the shallow discoveries are analogous to the Iti and Sambia prospects.

The 6,040 sq km EA5 licence lies at the northern end of the Albertine Graben. Although some distance from the recent discoveries to the south, seismic processing has revealed some similarities in geology. In EA5 the Miocene sediments prevalent in other areas of the Albertine Basin have a maximum thickness of 1,500 metres, considerably less than was expected but in line with sediments in Block 1, immediately to the south, and similar to the Butiaba area of Tullow’s Block 2, where there have been a number of discoveries at depths of less than 1,000 metres. Both the Iti and Sambia prospects are less than 1,000 metres deep.

Geochemistry field surveys have confirmed that there is almost certainly an active, mature hydrocarbon source and migration process taking place, with the samples having similar characteristics to surface seeps present in other areas of the Albertine Graben. In all, this work programme has improved the chances of success but reduced the hydrocarbon potential because of the thinner sedimentation. Even so, Tower is hoping that the two structures each have the potential to hold 100 million barrels.

Investors now don’t have long to wait until this potential is put to the test: this is shallow drilling, with the first well expected to complete within two weeks of spudding. "
aus der Diskussion: TOWER RESOURCES Mobile Drill Rig MBU-125 für Uganda Projekt gechartert
Autor (Datum des Eintrages): Popeye82  (15.04.09 19:53:58)
Beitrag: 37 von 132 (ID:36974566)
Alle Angaben ohne Gewähr © wallstreet:online