Today saw the release of the Final Accounts for TOWER RESOURCES for the year end 31/12/2011.
With these results and the update on Operations, I am extremely bullish on the possibility of a multi-multibaggerhere with TOWER. I am a share holder and and therefore of course I maybe biased, but I ask you to just read the Chairman’s statement below. It is with his own words that he suggests we could be looking at a share price of 80 pence a share, if the figures contained in the Competent Persons Report work out to be true. What potential! Today the share price is just 3 pence. For me it is a big buy, but of of course do your own research, starting by reading the below statement:
03 May 2012, Tower Resources plc – Final Results for the 12 months ended 31 December 2011
Tower Resources plc (“Tower”), LN: TRP, the AIM listed exploration company, is pleased to announce its final results for the 12 months ended 31 December 2011.
· 3D seismic interpretation completed – clear structural closure, sustained reservoir thickness and direct hydrocarbon indicators confirmed
· Independent Competent Person’s Report identified 5 targets in the Delta structure which, if oil bearing, are estimated to contain some 9.3 billion barrels of recoverable oil and 14.5 TCF of gas
· CPR estimate for Tower’s risked prospective EMV10 of the Delta targets alone is $1,866 million
· Arcadia Namibia Expro, operator and 85% interest holder of Licence 0010, engaged in farm-out process, anticipating drilling in 2013
· Completed 2D seismic survey, aero-gravity gradiometry survey and geochemical survey on licence area
· Spudded Mvule-1 well in Uganda. Trace hydrocarbons encountered and well subsequently plugged and abandoned
· Agreed £8 million standby equity distribution agreement (“SEDA”) and a $3.125 million loan agreement with YA Global Master SPV Ltd (the loan already drawn down and fully repaid)
· Entered £20 million equity finance facility (“EFF”) with Darwin Strategic Limited
· Arcadia advises that farm-out discussions now at advanced stage.
As announced on 27th April 2012, following the completion of the 2011 accounts, Mark Savage has now stepped down from the Board and as chair of the Audit Committee. Philip Swatman, Senior Independent Director, has now assumed his role as chair of the Audit Committee.
Jeremy Asher, Chairman of Tower Resources commented:
”2011 was an extremely active year for the Company and although the Mvule-1 well in Uganda, drilled post year end, was disappointing, we have made considerable progress with our Namibian licence and in restructuring the board and management of the Company.
The Competent Person’s Report completed during the first half of 2011 was particularly positive for Tower, identifying two prospects and 3 leads in the large Delta structure. We believe that these can be targeted with one well and according to the CPR, if successful, could potentially contain 9.3 billion barrels of recoverable oil and 14.5 TCF of gas. The report estimated Tower’s risked prospective EMV10 for the Delta targets alone at $1,866 million, which corresponds to around 80 pence per Tower share.
I believe that our prospects in Namibia have never looked more exciting, and feel that we have real momentum as we put in place the right company infrastructure to take advantage of opportunities during the year ahead.”