Press

Tower Resources: 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.”



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Tower ResourcesSouth AfricaOffshoreFarm-OutAIMAlgoa-GamtoosRift PetroleumENVOI

More items from oilvoice


Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 3 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 8 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 8 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 8 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11

Total Announces the Distribution of its Second 2018 Interim Dividend

The Board of Directors met on December 12, 2018 and declared  the distribution of a second interim dividend for the 2018 fiscal year of €0.64 per share, in accordance with the Board's decision of July 25, 2018, an amount equal to the first 2018 interim dividend and an increase of 3.2% compared to t ...

OilVoice Press - OilVoice


Posted 8 months agoPress > TotalDividend
All posts from oilvoice