TIDMTRP
RNS Number : 2262O
Tower Resources PLC
08 February 2021
8 February 2021
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") has received updated
resource estimates from its 50% partner and license Operator, New
Age Energy Algoa (Pty) Ltd ("New Age"), following NewAge's
interpretation of the reprocessing of additional 2D seismic data
covering the Algoa-Gamtoos license, offshore South Africa.
The reprocessing work encompassed 4,500 line kms of 2D seismic
data incorporating both data already owned by the partners and also
further data acquired from the Petroleum Authority of South Africa
("PASA") including tie lines from Brulpadda to the Algoa-Gamtoos
area, together with two post-stack merged 3D seismic surveys in the
Algoa Basin. The work was undertaken by PGS and the focus was on
creating a time and phase matched dataset covering the Gamtoos
Basin and the Deepwater (Outeniqua basin) section of the license
area.
The resulting seismic dataset shows an overall improvement in
bandwidth, de-noise and imaging. Structural imaging is
substantially sharper than in the previous vintage dataset, gathers
are significantly flatter with less noise, and the Operator places
greater confidence in the Amplitude Versus Offset ( AVO)
analysis.
The impact on what can be seen in the Deepwater (Outeniqua
basin) section of the license is especially pronounced, allowing
the Operator to identify a deeper level slope (as seen at
Brulpadda) and three separate reservoir targets:
-- A shallow section which was previously identified by the
Operator, whose size is now estimated to be slightly larger, to
which the Operator ascribes 470 million boe Pmean recoverable
resources (unrisked);
-- A deeper slope section which was not previously identified by
the Operator, to which the Operator ascribes 231 million boe Pmean
recoverable resources (unrisked);
-- A basin floor fan section which was not previously identified
by the Operator, to which the Operator ascribes 710 million boe
Pmean recoverable resources (unrisked);
In addition, the Operator has been able to identify a new
substantial lead in a submarine fan complex in the shallow-water
Gamtoos area of the license, which it estimates to contain 135
million boe Pmean recoverable resources (unrisked); and has updated
its estimates of the recoverable resources in the other leads it
has already identified, some of which now appear larger and others
smaller. Overall, the Operator has increased the portfolio volumes
by 54% as a result of reprocessing seismic data and
reinterpretation.
The Operator's most recent estimates of the in-place and
recoverable resources, prepared in accordance with the SPE-PRMS
classification standard, are set out in detail in the tables
below:
Oil in Place (MMbbl)
Lead P90 P50 P10 Mean
------- ------ ---------- --------
Reedbuck 110 288 624 336
------- ------ ---------- --------
Steenbok 34 124 381 174
------- ------ ---------- --------
Lead 1 40 210 853 356
------- ------ ---------- --------
Roan 89 322 1275 558
------- ------ ---------- --------
Canyon 25 84 207 103
------- ------ ---------- --------
Deepwater
Slope Shallow 377 1,093 2,954 1,444
---------- ------- ------ ---------- --------
Deep 111 349 1,241 563
---------------------- ------- ------ ---------- --------
Deepwater Basin
Floor Fan 528 1,349 3,384 1739
------- ------ ---------- --------
Summed Mean 5,273
----------------- --------
Recoverable Oil Equivalent POSg % change
(MMboe) (Mean)
Lead P90 P50 P10 Mean
------ ----- -------- --------
Reedbuck 41 108 239 127 24 % + 48 %
------ ----- -------- -------- ----- ---------
Steenbok 13 46 145 66 21 % + 47 %
------ ----- -------- -------- ----- ---------
Lead 1 15 79 324 135 24 % -
------ ----- -------- -------- ----- ---------
Roan 33 121 475 211 13 % - 9 %
------ ----- -------- -------- ----- ---------
Canyon 8 27 67 33 32 % - 58 %
------ ----- -------- -------- ----- ---------
Deepwater
Slope Shallow 122 354 961 470 12 % + 11 %
--------- ------ ----- -------- -------- ----- ---------
Deep 44 142 505 231 10 % -
--------------------- ------ ----- -------- -------- ----- ---------
Deepwater Basin
Floor Fan 210 540 1,383 710 12 % -
------ ----- -------- -------- ----- ---------
Summed Mean 1,983
--------------- --------
As previously noted, the Algoa-Gamtoos license is located
adjacent to Total's Blocks 11B/12B, where Total has made
discoveries in excess of 1 billion boe at Brulpadda and Luiperd, in
the Outeniqua basin that runs across those blocks. The
Algoa-Gamtoos license also contains the southern deep-water basin
margin of the Outeniqua Basin and is approximately 150 kms along
strike to the East of Total's Brulpadda and Luiperd-1X wells.
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 (one of Total's partners in the well) 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.
The Company plans to update its website section on South Africa
over the coming days and will make a brief announcement when this
updated section has been uploaded.
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
Stuart Gledhill
Caroline Rowe +44 20 3470 0470
ETX Capital
Joint Broker
Elliott Hance +44 20 7392 1436
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.
Glossary:
Prospective Resources
Those quantities of petroleum estimated, as of a given date, to
be potentially recoverable from undiscovered accumulations by
application of future development projects.
P90
The estimated probability distribution of outcomes indicates
that the estimated likelihood of a better outcome than this figure
is 90%
P50
The estimated probability distribution of outcomes indicates
that the estimated likelihood of a better outcome than this figure
is 50%; this is also referred to as the Median of a probability
distribution, and is not the same as the Mean, which is the
probability-weighted average of the entire distribution
P10
The estimated probability distribution of outcomes indicates
that the estimated likelihood of a better outcome than this figure
is 10%
Recoverable
Those quantities of hydrocarbons which are estimated to be
producible from accumulations, either discovered or
undiscovered.
STOIIP
Stock Tank Oil Initially In Place
Unrisked
Quantities which have not been adjusted for the probability of
loss or failure (as opposed to "Risked" quantities which have been
adjusted accordingly). Risk is not synonymous with uncertainty, and
is generally associated with the negative outcome; the terms
"chance" or "likelihood" are more generally used to describe the
probability of a discrete event occurring.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDEAPASEDNFEFA
(END) Dow Jones Newswires
February 08, 2021 02:00 ET (07:00 GMT)
Grafico Azioni Tower Resources (LSE:TRP)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Tower Resources (LSE:TRP)
Storico
Da Apr 2023 a Apr 2024
