Rowan Renaissance Drillship Spuds Welwitschia-1 Well

Tower Resources plc, through its wholly-owned subsidiary, Neptune Petroleum (Namibia) Limited, informed that it has received formal notification from Repsol Exploration (Namibia) (Pty) Limited, the Operator of Namibia PEL0010 (Neptune 30% working interest), that the Rowan Renaissance Drillship spudded the Welwitschia-1 well at 14:40 GMT on 23 April, 2014.

The Welwitschia-1 prospect which is targeting net risked recoverable resources of 496 mmboe to Tower’s 30% interest will intersect up to five separate reservoir targets ranging from the Palaeocene-Maastrichtian to the Albian Carbonate sequence at a potential total depth (TD) of 3,000m TVDSS.

The Company will not provide updates during drilling as this well is classified as a “tight hole”. It will provide a comprehensive update only once operations on the Welwitschia-1 well have been fully completed and analysed.

Press Release, April 24, 2014; Image: Rowan Drilling