A reoprt from edison:- Tower is focusing on its Namibia offshore oil play,possible supergiant field like found of Brazil recently. Uganda- aerogravity results should be available August?? Then follows a 500km 2-d seismic survey to determine an exploratory drill at the earliest 2nd Qtr 2011. -Twoer running low on cash and would need farm-in to fund the uganda work, priced at $8 million. - Nearby, 60km south, Tullow is set to produce an initial 10,000boe/d and 200,000boe/d by 2012. So facilities and pipelines would be nearby. Other explorers nearby however have come up dry. - avivi and iti well results suggest they found some oil but in poor resovoirs. Results have suggested that oil is around and has not migrated out of their block and they need to search for deeper zones.
GBP Price at posting:
15.0¢ Sentiment: LT Buy Disclosure: Not Held
