Petroleum Africa
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Wednesday, June 4, 2014
Tower Resources saw the completion of its farm in to Kenya’s Block 2B. Tower Resources (Kenya) Ltd. agreed to acquire a 15% interest in the block from Lion Petroleum Corp., the Taipan Resources Inc. subsidiary, which was conditional on consent from Premier Oil, who holds a 55% stake in the block.
Under the terms of the farm in Lion will receive $4.5 million cash and a total of 9.0 million ordinary shares in Tower, of which the second tranche, consisting of 4.5 million shares, will be received in three months’ time. There is also a contingent payment of $1 million cash on the spudding of a second well.
The recently acquired 2D seismic data across block is being used to determine the drilling location of the first potentially play-opening well, the Badada-1, which is expected to spud at the end of 2014/early 2015 and will target gross mean unrisked prospective resources of 251mmboe.
Graeme Thomson, Tower CEO stated: “We are extremely pleased to conclude this exciting farm-in to Kenya at a time when it is opening up as an oil province. The farm-in perfectly fits our strategy of securing material positions in very high upside exploration assets coupled with near-term drilling which offers the potential to materially add-value for shareholders. This licence is right at the forefront of new plays and we look forward to drilling in the coming months.”
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