Probably the best source of 'reliable' info is the Tower Resources website:
http://www.towerresources.co.uk/
Take a look at the most recent presentations & news. From the last results (end April), Chairman's statement:
The estimated spud date is 15th May and the prospective reservoir horizon should be encountered about a week later. Seismic and geochemical surveys completed during 2008 have confirmed the presence of large structures and active hydrocarbon generation and migration respectively....
As exploration prospects go, EA5 in Uganda is low risk and potentially high reward. It promises to be a very exciting month or two ahead...
Very significantly, geochemistry field surveys completed during 2008 and early 2009 have confirmed that there is a high probability of an active, mature hydrocarbon source and a migration process taking place which substantially reduces remaining exploration risk. This has always been the main area of risk for exploration in the EA5 area so is very encouraging. Moreover, the samples taken have similar characteristics to surface seeps present in other areas of the Albertine Graben and oil samples taken on well tests. There is also evidence from wells in EA1 and EA2 that geothermal gradients are high north of Lake Albert and this supports the likelihood of current and/or recent oil generation at shallow depth in EA5. Overall, since the start of 2008, the full results of seismic and field work in EA5 and well results in EA1 have substantially improved the probability of success. The results in Licences EA1 and EA2 have also demonstrated that large reserve potential exists even with such shallow reservoirs. The two structures to be drilled first each have 100 million barrel potential. The first two well locations, Iti-1 and Sambia-1 were selected and agreed with Government early in 2009 based on a combination of seismic, gravity and oil seep data and the Iti-1 well is now scheduled to begin early in May 2009....
GBP (50% for cost of drill) are indeed too cheap. In event of P&A, they are less prone to significant downside, since they still have (after paying for the drill) a reasonable amount of cash. Note there are several common directors between TRP & GBP, & directors have been buying GBP on market recently (they already hold huge % stakes).
GBP Price at posting:
25.5¢ Sentiment: LT Buy Disclosure: Held
