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Namibia: Tower Resources provides update on Namibia farmout
03 Oct 2019
Tower Resources, the AIM-listed oil and gas company with a focus on Africa, has provided an update on activity in respect of Blocks 1910A, 1911 and 1912B in Namibia.
Tower has disclosed technical and commercial information to a major international oil company, in order to explore the potential to co-operate in respect of Tower's Namibian Blocks. This follows preliminary discussions initiated by that company and held earlier this summer.
Jeremy Asher, Tower's Chairman and CEO, commented:
'This process is at a very early stage, and may not lead to any agreement. However, it does provide a timely reminder that, in addition to our Cameroon appraisal and development project, the Company has two extremely attractive exploration opportunities in Namibia and South Africa.
Our Namibian Blocks, in which we have an 80% interest as operator, include two giant four-way dip closures in the West and four large structures in the Dolphin Graben where the 1994 Norsk Hydro well 1911/15-1 encountered three source rock intervals, and recovered oil from Albian carbonate core samples.
Our Algoa-Gamtoos license in South Africa, operated by NewAge, where our interest is 50%, adjoins Total's license where it made its recent 1-billion boe Brulpadda gas-condensate discovery in the Outeniqua basin, and that Algoa-Gamtoos license includes a 364 million boe prospect identified by NewAge in the same Outeniqua basin.'
Source: Tower Resources