Tower Resources PLC South Africa update (7810I)
16 Dicembre 2020 - 8:00AM
UK Regulatory
TIDMTRP
RNS Number : 7810I
Tower Resources PLC
16 December 2020
16 December 2020
Tower Resources plc
("Tower" or the "Company")
South Africa update
Tower Resources plc (TRP.L, TRP LN), the AIM listed oil and gas
company with its focus on Africa , is pleased to announce that its
subsidiary Rift Petroleum Ltd ("Rift"), together with Operator and
50% partner New Age Energy Algoa (Pty) Ltd ("New Age"), has now
formally agreed to enter the Second Exploration Period of the
Algoa-Gamtoos license offshore South Africa. The Company also notes
the recent announcements from Total S.A. ("Total") and Africa
Energy Ltd ("Africa Energy") regarding the results of the
Luiperd-1X well, which has reported a further significant gas
condensate discovery in Block 11B/12B (Total 45% and Operator,
Qatar Petroleum 25%, CNR International 20% and Main Street 1549
Proprietary Ltd 10%) located in the Outeniqua basin, offshore South
Africa.
The Second Exploration Period of the Algoa-Gamtoos License will
run for two years from 17 November 2020, and the work programme
during this period will include a further 300 km(2) of 3D seismic
data acquisition in the license area.
Block 11B/12B is located adjacent to the Algoa-Gamtoos license.
The Algoa-Gamtoos license also contains the southern deep-water
basin margin of the Outeniqua Basin that was targeted by Total's
Brulpadda and Luiperd-1X wells and is approximately 150 kms along
strike to the East.
The Luiperd-1X well encountered 73 meters of good quality net
pay in 85 meters of gross sands in the main target interval and,
according to Africa Energy which owns 49% of Main Street 1549
Proprietary Ltd, the well reached a maximum constrained flow-rate
through a 58/64" choke of 33 million cubic feet per day of natural
gas ('MMcfpd') and 4,320 barrels of condensate per day ('bcpd'), an
aggregate of approximately 9,820 barrels of oil equivalent per day
('boepd'). The choke configuration could not be increased due to
surface equipment limitations. The absolute open flow ('AOF')
potential of the well is expected to be significantly higher than
the restricted test rates. Current indications are that the Luiperd
discovery is larger than the 1 billion boe Brulpadda discovery
announced in 2019.
As previously noted, the Brulpadda and Luiperd-1X wells have
successfully tested the Lower Cretaceous turbidite fan play of the
Outeniqua basin slope, which is interpreted to extend along strike
into the southern part of the Algoa-Gamtoos block, in which the
Operator, New Age, has identified on 2D seismic a substantial
prospect.
New Age has reprocessed the existing 2D seismic data over the
license during 2020, which has yielded a considerable improvement
in resolution, and expects to have updated analysis and volumetrics
available in January 2021, which will also be made available to
potential farm-in partners. The Company will update the market
further when it receives this analysis.
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 +44 20 7157 9625
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
Turner Pope Investments
(TPI) Limited
Joint Broker
Andy Thacker
Zoe Alexander +44 20 3657 0050
Panmure Gordon (UK) Limited
Joint Broker
Nick Lovering
Hugh Rich +44 20 7886 2500
Notes:
In accordance with the guidelines for the AIM market of the
London Stock Exchange, Dr. Mark Enfield, BSc Geology, PhD Geology,
a Director 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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