Tower Resources Working to Complete Namibia Farm-Out. Drillship Leaves Korea

Tower Resources, an oil and gas exploration company focussed on Africa, is looking for a partner which will farm into its offshore Block in Namibia.

 Tower Resources Working to Complete Namibia Farm-Out. Drillship Leaves Korea

In an operational update issued today, Tower said that considerable progress has been made in the farm-out process. Tower is seeking a farm-in partner for a 10% working interest in Namibia PEL0010.

“A number of interested parties have conducted a full review of the data-room and subsequent follow-up enquiries have been or are in the process of being dealt with. The Company is pleased with the level of interest. Tower expects the final well design and budget to be agreed soon with its partners, Repsol (operator) and Arcadia, and anticipates that this should allow the farm-out process to be brought to a timely conclusion,” the Company said in a statement.

Rig Update

Following sea trials, the Rowan Renaissance drillship has this week departed from the rig yard in South Korea. It is now scheduled to start its operations for the Welwitschia-1 well in Walvis Bay, Namibia on or around 11 April, with the spud being approximately one week later. Based on the CPR update completed by Oilfield International in June 2013, this well is targeting risked resources estimated at 496 mmboe net to Tower’s 30% interest.

Jeremy Asher, Chairman of Tower, said

“We are pleased with the progress on the farm-out process and on the planning and preparation for the important Welwitchia-1 well, one of the largest upside wells to be drilled by an independent in 2014. We are also well advanced on a number of possible new ventures and we hope to be able to say more about these in the near-future.”

January 24, 2014


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