Tower Resources Announces Seismic Interpretation Completed in Namibia

Source: www.gulfoilandgas.com 5/15/2008, Location: Africa

Tower Resources announced that Arcadia Petroleum Limited, as operator of Licence 0010 in northern offshore Namibia, in which Tower retains a 15% carried interest, has completed the interpretation programme subsequent to the 2-D seismic acquisition survey shot in September 2007. The results confirm the presence of giant structures and indicate a significant probability that these would be oil bearing. Arcadia has calculated that, on a heavily discounted basis for reservoir parameters which contribute to volume, reserve potential is of the order of 10 billion barrels in three giant prospects. Large volumes of associated gas would also be present. These volumes have not been further discounted for exploration risk, however, the AVO (Amplitude Variation with Offset) analysis and geological modelling has been very rigorous providing significant comfort that the chance of success is favourable in terms of global success rates. A presentation has today been posted on the Tower website which provides pictorial seismic and AVO data which supports these exciting conclusions.

The main factors underlying the interpretation are as follows:
Four way dip closure has been confirmed on the Alpha structure indicating a maximum area of more than 600 square kilometres
Four way dip closure is indicated on the Gamma structure which, if confirmed, would define a prospect having an area of more than 1700 square kilometres
AVO analysis and geological modelling have pointed to three sandstone reservoirs up to 50 metres thick which correlate with sandstones in the two exploration wells drilled in the 1990s
AVO analysis has concluded that there are strong hydrocarbon indications and good quality reservoirs in conjunction with the prospective structures but no hydrocarbon indications at the locations of the two unsuccessful wells
Reservoir sands are interpreted to be stacked channel sands having laterally variable reservoir characteristics but high quality over significant areas.

Future plans are being finalised for the next year to significantly increase seismic coverage over the three large prospects with a view to drilling a first well within the next two years.


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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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