third time lucky?, page-4

Im of the same opinon ColdHelium. I think that we could see GBP bank roll the third well. Multiple brokers have stated its going to be very difficult for Tower to go back to equity markets to get finance to fund a third well after two failures. With the GBP major holders and board members also being major holders in TRP, it would be safe to assume they won't be leaving Uganda. It really is the major project for both these companies. I know TRP has Namibia, but thats more so next years program for them. GBP have Leighton, but it adds very limited value to the company. Uganda is the major project for both these companies. The prospectivity of the block is greatly reduced, so what they have now is potentially one more shot. Im anticipating that they will go back to Iti, but it is dependent on the review on Avivi-1.

Background on Iti.

From the P&A announcement:
Minor hydrocarbon shows were monitored during drilling but evidence of limited quantities of oil in the lowermost target horizon remained ambiguous in the subsequent down-hole well logs and pressure test data.

From the independent expert review:
The overall findings of the re-evaluation is that the Iti-1 well found 15-20 metres of clean reservoir sands, with
significant potential to contain oil just above basement between 540 and 575 meters. This conclusion would need to be verified by a well test, and given the high cost of re-entering the existing well it is likely that the company will instead drill another well on the Iti structure at a
later date.