Tower Resources PLC Namibia Update (2163U)
28 Luglio 2020 - 8:00AM
UK Regulatory
TIDMTRP
RNS Number : 2163U
Tower Resources PLC
28 July 2020
28 July 2020
Tower Resources plc
Namibia Update
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN),
the AIM-listed oil and gas company with a focus on Africa, is
pleased to provide an update on activity in respect of license PEL
96 in Namibia, covering blocks 1910A, 1911 and 1912B (the "Namibian
Blocks").
Tower has noted the announcement by Global Petroleum Ltd
("Global") of updated prospective resource estimates in respect of
its license PEL 94, covering block 2011A which is immediately to
the South of Tower's block 1911. Global estimates that its
Welwitschia Deep Albian carbonate prospect has Best Estimate
unrisked gross prospective resources of 671 million barrels of oil,
with a geological chance of success of 17%. Global's estimate,
classified in accordance with the Society of Petroleum Engineers'
Petroleum Resources Management System, is based on a
reinterpretation of existing 3D data which Global licensed from
Namcor, taking into account recent well results in the area, and
conducted by Global's consultant exploration manager who is also a
principal of Energy Explorers Ltd.
Tower observes that this figure corresponds to the portion of
the prospect on block 2011A, and notes that approximately 25% of
the Welwitschia structure lies in block 1911, which is covered by
Tower's license PEL 96. Although this proportion is an estimate
made without the details of Global's detailed reinterpretation, it
would imply that the total Best Estimate unrisked gross prospective
resources of the Welwitschia Deep prospect's entire structure would
be in the region of 895 million barrels. Of this, approximately 224
million barrels would lie in block 1911, of which approximately 179
million barrels would be attributable to Tower.
To place this into perspective, Albian carbonate and Upper
Cretaceous turbidite intervals have also been identified within
multiple structural traps across Tower's Namibian blocks. These
reservoirs are proven on block 1911 in the two wells drilled by
Norsk Hydro in the mid 1990s, with well 1911/15-1 recovering oil
from Albian carbonates as well as penetrating three source rock
intervals. We would draw investors' attention to the more detailed
summary contained on our website at this link:
https://www.towerresources.co.uk/operations/namibia/
In particular, Tower's license PEL 96 also includes two other
giant structures (identified on the map on our website at the link
above as Alpha and Gamma) and four other substantial leads in the
Dolphin Graben (identified on the same map as leads A, B, C and D),
each of which contain multiple stacked reservoir targets including
Albian carbonates and Upper Cretaceous turbidites. Both Alpha and
Gamma are interpreted to be giant 4-way dip closured structures
with billion-barrel potential analogous to Welwitschia. The Dolphin
Graben Leads A, B, C & D, all of which are located directly
adjacent to areas with mature source rocks, are estimated
individually to range in size from 250 to 686 million barrels of
prospective resources (arithmetically summed gross, unrisked,
Pmean), based on Tower's own initial unaudited estimates.
In addition to the structural plays identified above, Tower has
also identified significant prospectivity in stratigraphic plays
within the Cretaceous and Palaeogene intervals, with potential for
deep-water turbidite reservoir interbedded with mature source
rocks. These are analogous to plays being explored by others in the
Walvis and Orange basins in the South as well as the Namibe basin
directly to the North.
Tower is now undertaking further technical evaluation of the
leads identified to-date as part of the work programme for the
Initial Exploration Period for PEL 96, with focused geological,
geophysical, and geochemical analysis aiming to high-grade areas
for further data acquisition.
As previously disclosed, Tower received an unsolicited approach
from a Major oil company regarding its license PEL 96 in the second
half of 2019. That company has told Tower that it remains
interested in working on this project, but has not prioritised it
during the first half of 2020, and we expect discussions to remain
on the back burner in the second half of the year, or at least
until the Covid-19 pandemic situation is clearer. This has not
affected our own plans for the license, and we await with great
interest the outcome of further work, such as Global's, and also
further wells being drilled in Namibia, including Shell's well on
license PEL 39 and Total's Venus well, all of which will enhance
our own basin modelling and prospect evaluation.
Jeremy Asher, Tower's Chairman and CEO, commented:
"At present we are concentrating on getting our Cameroon
farm-out finalised and preparing for Covid-19 conditions to permit
us to resume well preparations at Thali, and we hope to update the
market with further news about this shortly. But we are also
continuing to work on our Namibian license. Even though most of the
work is desk-based at this early stage of the Initial Exploration
Period, it will be profoundly influenced by the insights we can
gain from the physical exploration efforts of other parties, even
in other basins in Namibia. We are especially interested in what
Global is doing on PEL-94, and note that the amount of 3D data
already obtained on the Welwitschia Deep prospect suggests that
this might already be close to being drill-ready. If Global is able
to drill an early well on PEL 94 targeting the Albian carbonates
and Cretaceous turbidites, this would bring extremely valuable
insight to Tower on the multiple structures and leads on our PEL
96, and if it is on Welwitschia Deep, then it might also bring an
early discovery providing immediate reserves to our Company."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contacts:
Tower Resources plc info@towerresources.co.uk
Jeremy Asher
Chairman and CEO
Andrew Matharu
VP - Corporate Affairs
SP Angel Corporate Finance
LLP
Nominated Adviser and Joint
Broker +44 20 3470 0470
Stuart Gledhill
Caroline Rowe
Whitman Howard Limited
Joint Broker
Nick Lovering
Hugh Rich +44 20 7886 2500
Turner Pope Investments
(TPI) Limited
Joint Broker
Zoe Alexander
Andy Thacker +44 20 3657 0050
Notes:
In accordance with the guidelines for the AIM market of the
London Stock Exchange, Dr Mark Enfield, BSc, PhD, FGS, Advisor to
the Board of Tower Resources plc, who has over 30 years' experience
in the oil & gas industry, is the qualified person that has
reviewed and approved the technical content of this
announcement.
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END
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