Tower Resources notes announcement of resource estimate from neighbouring company in Namibia

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Tower Resources notes announcement of resource estimate from neighbouring company in Namibia

Tower Resources PLC (LON:TRP) has noted the announcement by Global Petroleum Ltd 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 Petroleum estimates that its Welwitschia Deep Albian carbonate prospect has best estimate unrisked gross prospective resources of 671mln barrels of oil, with a geological chance of success of 17%.

The 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.

In a statement, Tower observed that this figure corresponds to the portion of the prospect on block 2011A, and noted 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.

Proactiveinvestors.co.uk

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