[ad_1]
() signed a new oil agreement with the Government of the Republic of Namibia, granting the explorer an 80% interest in future offshore deposits.
The three exploration zones (Blocks 1910A, 1911 and 1912B) cover a total area of 23,297 square kilometers in the Walvis Basin and Dolphin Graben.
An initial four-year exploration period requires a minimum expenditure of $ 5 million on labor. This will include the acquisition and reprocessing of existing 2D seismic data, the capture of new seismic data as well as other technical badessments.
READ: Tower Resources on the rise as it publishes a reserves report for the Thali license
The next exploration period would then require the drilling of a single exploration well and a minimum financial commitment of $ 20 million.
Significantly, Tower highlighted the industry's interest in the proximity of the area, noting the recent expansion activity near Exxon, Africa Energy and.
"We are very excited about our new petroleum deal in Namibia," said Jeremy Asher, General Manager of Tower.
"As a society, we are very familiar with Namibia and the wells drilled in the Walvis Basin in recent years have provided a better understanding of regional geology.
"As a result, Namibia and the Walvis Basin and Dolphin Graben, in particular, are now attracting the attention of renowned explorers, large and small, and are once again attracting considerable interest and investment in farms." .
This comes after Tower's shares received a boost from the substantial increase in Thali property reserves off Cameroon last week.
On November 1, the AIM explorer, quoted by the AIM, told investors that a new report had identified potential gross average resources of 18 million barrels of oil on the proven Njonji-1 and Njonji-2 fault blocks with / 15/34 MMbbl respectively and a development contingency probability of 80% for the first phase and 70% for the second phase.
Average gross prospective resources of 111 million barrels of oil were also identified for four potential zones in the southern Dissoni and Idenao regions, in the northern part of the Thali license, with low / better / high estimates. of 21/84/237 MMb.
A mean gross prospective resource of 20 MMbb oil was also identified in the Njonji South and Njonji South-West fault blocks with low / best / high estimates of 5/16/39 MMb.
EMV10s calculated for contingent resources amounted to USD 118 million and USD 82 million for prospective resources.
In addition to the reserve report, Tower also announced that it has signed a letter of commitment for the establishment of a "modern and appropriate" drill rig for drilling the NJOM-3 well in the second quarter of 2019. .
An offer of funding was also received from a potential industry partner and was considered in conjunction with other funding options.
Source link
