Press

South Africa Update – Farm-out Process

Posted by OilVoice Press - OilVoice

21-Sep-2018


Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM-listed oil and gas company with its focus on Africa, is pleased to provide the following update on its Algoa-Gamtoos licence in South Africa, in which the Company holds a 50% interest through its wholly owned subsidiary Rift Petroleum Limited (“Rift”), together with the Operator New Age Energy Algoa (Pty) Ltd (“New Age” or “Operator”), which holds the other 50% of the licence.

New Age have appointed ENVOI Limited to conduct a farm-out process on behalf of both New Age and Rift to seek a partner for a material share of the licence working interest, in return for funding a further 3D seismic survey over a portion of the Licence area. The new 3D seismic survey would focus on the Gamtoos basin and/or the South Outeniqua basin, the latter being part of the slope margin play being targeted by Total, Exxon and Equinor in adjacent acreage. Any prospects identified and high-graded during the processing and interpretation of the new 3D dataset could ultimately lead to a well being drilled in the 3rdRenewal Period, presently due to end in December 2023.

In December 2017 Rift, together with the Operator, entered the 1st two-year Renewal Period, having integrated the results from the reprocessed existing 2D seismic dataset together with the 2D and 3D seismic survey acquired as part of the Initial Exploration Period. The Operator's work during the Initial Exploration Period and the current Renewal Period has led to the generation of an enlarged inventory of prospects and leads across the three basinal plays identified on the Algoa-Gamtoos block. The initial (unaudited) prospective resources estimate, prepared to the SPE resource classification standard by the Operator for the five primary new prospects/leads identified during that process, is summarised on an unrisked volumetric basis in the table below.

Prospect/LeadBasin/TroughTargets/PlayMean Prospective Resources (unrisked) (MMboe Recoverable)
RoanGamtoosSyn-Rift Basin Floor Strat trap119
ReedbuckGamtoos67
SteenbokGamtoos34
CanyonAlgoa: UitenhagePost-Rift Canyon fill80
Deep AlbianOutenique Basin SlopePost-Rift Canyon fed basin slope210
   510

This resource estimate and a more detailed exposition of the Operator's latest view of the License and its prospectivity are set out on the company's website at www.towerresources.co.uk.

Jeremy Asher, Chairman & CEO, commented: “We are delighted with the encouraging work that the Operator has performed on the Algoa-Gamtoos License and the appointment of ENVOI to manage the farm-out process. We look forward to seeing further 3D data which should enable us to identify, with our partners, the best locations for drilling. We believe that each of the three plays on the Algoa-Gamtoos license is interesting and any one, or all three of them, can justify further exploration and we look forward to providing further updates as the farm-out process progresses.”

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