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Sunday, November 4, 2018
Tower Resources issued the results of an independent reserves report conducted by Oilfield International Ltd. (OIL) on behalf of the company’s wholly owned subsidiary, Tower Resources Cameroon. The reserves report covers the company’s Thali license offshore the West African country.
The OIL reserves report has quantified contingent and prospective resources across multiple fault block prospects on the Thali license, including the existing oil discovery at Njonji in the southern part of the license.
According to the report there are gross mean contingent resources of 18 million barrels of oil across the proven Njonji-1 and Njonji-2 fault blocks (with low/best/high estimates of 5/15/34 million barrels) and with a development contingency probability of 80% on first phase and 70% on second phase. On the Njonji South and Njonji South-West fault blocks the report calculates gross mean prospective resources of 20 million barrels.
Gross mean prospective resources of 111 million barrels of oil across four identified prospects located in the Dissoni South and Idenao areas in the northern part of the Thali license have also been estimated.
The report was based on the work that Tower has undertaken during the past year including a reprocessing and reinterpretation of all of the existing 3D seismic data over the license area, and substantial further analysis of the data including an independent fault seal analysis undertaken by Dr Tim Needham of the University of Leeds Institute of Applied Geoscience that suggests that the Njonji 1 fault block may be in communication with the Njonji South structure.
As part of the Reserves Report process, Tower has also developed a preliminary plan for the further exploration and development of the license, subject to agreement with the Société National de Hydrocarbures (SNH) in Cameroon, which envisages a Phase 1 of four wells at Njonji including the proposed NJOM-3 well which is currently planned for April 2019 and an extended well test (EWT) commencing at the end of 2019. This Phase 1 would proceed in parallel with additional exploration in the northern part of the Thali license and would be followed by a Phase 2 of work on Njonji which will be further defined based on the results of Phase 1 and the additional exploration.
The well planned for April at Njonji is identified in the Reserves Report as a key gateway for the development at Njonji, as it will provide confirmation of the expected flow rates from the Njonji reservoirs, which can presently only be inferred from wireline modular formation tests on the previous two wells because the previous operator did not conduct flow tests to surface. A successful DST on this well may then, subject to the usual criteria, allow a reclassification of much of the Phase 1 contingent resources into reserves.
OIL also undertook a geologic risk assessment on the eight prospects/fault blocks, including the existing oil discoveries on Njonji-1 and Nonji-2, identified by Tower and conducted an independent review of the individual prospect risking. OIL has categorized the volumetrics on Njonji-1 and Njonji-2 as a contingent resource with an 80% chance of commercialization (based on an estimated chance of success of NJOM-3 of 90%), and OIL has applied a 70% chance of commercialization to the Phase 2 contingent resources, as their commercialization is dependent on Phase 1 being executed.
The prospective resources in Njonji South and South West have been given an overall chance of development of 30% and 16% respectively. The larger Njonji South prospective Resources will be tested at low cost by one of the Phase 1 wells planned for Njonji, which can be deviated and extended to test the deeper Njonji South reservoirs, potentially adding some 18 million barrels of gross resources.
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