Tower Resources PLC, the oil and gas exploration company with interests in sub-Saharan Africa, principally in Namibia, is pleased to provide an update to shareholders on its current operations, managed by wholly-owned subsidiary Neptune Petroleum (Namibia) Limited.
In Licence 0010, offshore Namibia, where Neptune Petroleum (Namibia) Limited has a 15% carried interest, processing of the 3-D seismic has been completed and data quality is excellent.
On first inspection, the results of the 2-D seismic interpretation are enhanced and the very large, simple four-way dip closed Delta structure has been confirmed. There are also clear indications of “pock marks”, which are an accepted indication of light hydrocarbons, constrained below the regional seal and within the closure of the structure – these represent an indication of hydrocarbons, completely independent of the hydrocarbon indications interpreted from AVO analysis of the 2-D seismic.
Detailed interpretation, which will include evaluation of direct hydrocarbon indicators and also reservoir facies characteristics, has begun and significant results are expected by the end of March 2011.
Arcadia Petroleum Limited, which is the operator of Licence 0010 and is funding Tower for the cost of the first well, has accelerated its programme to put in place funding and to contract a deep water-drilling rig with a view to drilling in the final quarter of 2011. This timing now has a high priority but is subject to timing of rig availability. The Competent Person’s Report will be updated with a view to publication before the middle of 2011.
Peter Kingston, Executive Chairman of Tower, commented: “I am delighted that a first well in Namibia, to test the huge potential of the Delta prospect, is now a target for this year. “
