Tower Resources (TRP)

Business description

Tower Resources is an AIM-listed, London-based, independent oil and gas exploration company with a regional focus on sub-Saharan Africa.

Frontier exploration play

Outlook | Oil & Gas | 13/01/2010

We see Tower Resources as an interesting Africa-focused frontier oil and gas exploration play. The company has a near-term project in Uganda’s Albertine Basin and a longer-term play offshore Namibia. Both are potential company makers. Tower is planning a new Albertine exploration well in February 2010 with the potential for a 100mm barrel discovery. A 30mm barrel discovery would, however, be commercial.

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Stock data

Market cap.£4.4m
Last close16.250p
High / Low (52 weeks)63.8p / 16.2p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

Relative *(18.3)(38.7)(54.2)

* % Relative to local index

Company news